RADNOR, Pa., Oct. 11, 2018 — Kaskela Law LLC announces that a class action lawsuit has been filed against Trevena, Inc. (NASDAQ: TRVN) (“Trevena” or the “Company”) on behalf of purchasers of the Company’s common stock between May 2, 2016 and October 8, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Trevena’s common stock during the Class Period may, no later than December 10, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Investors who purchased the Company’s common stock during the Class Period and suffered a financial loss in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or [email protected], to discuss their legal rights and recovery options. Additional information about this action, including how to participate in the action, may be found at http://kaskelalaw.com/case/trevena/.
The class action complaint alleges that defendants made false and misleading statements during the Class Period and failed to disclose to investors material adverse facts about the Company’s interactions with the U.S. Food and Drug Administration (“FDA”). Specifically, Trevena is alleged to have misled its shareholders to believe that the Company’s April 28, 2016 “End-of-Phase 2 Meeting” with the FDA was far more successful than it actually was. The Company did so by issuing a press release entitled “Trevena Announces Successful End-of-Phase 2 Meeting with FDA and Outlines Phase 3 Program for Oliceridine” on May 2, 2016, in which the Company announced that it had “reached general agreement” with the FDA on key elements of its Phase 3 program for oliceridine (TRV 130), and was “very pleased” with the outcome of its discussions with the FDA. In reality, the FDA disagreed with Trevena on several key factors relating to whether oliceridine would ultimately be approved for commercial distribution. Trevena’s filings therefore concealed the true risks faced by the Company in gaining ultimate FDA approval.
On October 9, 2018, two days ahead of Trevena’s meeting with the FDA to determine whether oliceridine would be granted approval, the FDA released a Briefing Document related to Trevena. Contained in the Briefing Document are the minutes from the FDA’s April 28, 2016 meeting with Trevena which reveal, in stark contrast to the Company’s prior statements, that the FDA: (i) “did not agree with the proposed dosing in the Phase 3 studies”; (ii) “did not agree with the proposed primary endpoint”; and (iii) “did not agree with the proposed non-inferiority (NI) margin for comparing morphine to oliceridine.” On this news, shares of the Company’s stock declined $1.91 per share, or over 64% in value, to close on October 9, 2018 at $1.07 per share.
Investors who purchased the Company’s common stock during the Class Period and suffered a financial loss in excess of $100,000 are encouraged to contact Kaskela Law LLC for additional information about this action and their legal rights and recovery options. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.