NEW YORK, Nov. 7, 2018 /CNW/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Trevena Inc. ("Trevena or the "Company") (NASDAQ: TRVN) and certain of its officers. The class action, filed in United States District Court, Eastern District of Pennsylvania, and indexed under 18-cv-04426, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired Trevena securities between May 2, 2016 through October 9, 2018, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Trevena securities between May 2, 2016 and October 9, 2018, both dates inclusive, you have until December 10, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Trevena is a biopharmaceutical company developing innovative therapies based on breakthrough science to benefit patients and healthcare providers confronting serious medical conditions.
The Company is currently developing OLINVO (oliceridine) Injection, touted as a next generation IV analgesic for the management of moderate-to-severe acute pain in the hospital and similar settings and has been granted Breakthrough Therapy designation by the United States Food and Drug Administration ("FDA").
After the Company completed a Phase 2 trial of OLINVO, it issued a press release on May 2, 2016, stating that "[it] has reached general agreement with the FDA on key elements of the Phase 3 program to support a New Drug Application (NDA) for oliceridine[.]"
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the FDA had not agreed to key elements of the Company's Phase 3 trial for oliceridine (TRV130); (ii) the FDA was unlikely to approve oliceridine (TRV130) based on the Company's Phase 3 trial; and (iii) as a result, Trevena's public statements were materially false and misleading at all relevant times.
On October 9, 2018, it was revealed that the FDA informed the Company at a meeting in 2016 that the FDA "did not agree with the proposed dosing in the Phase 3 studies," the proposed primary endpoint, or the "proposed non-inferiority (NI) margin for comparing morphine to oliceridine."
Following this news, shares of Trevena fell more than 64% on October 9, 2018 to close at $1.07 per share.
On October 11, 2018, the Company announced that the FDA denied its New Drug Application for oliceridine.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP