Kaskela Law LLC Files Shareholder Class Action Lawsuit Against Trevena, Inc. and Encourages Investors with Losses in Excess of $100,000 to Contact the Firm Before Important Deadline - TRVN1 Views
RADNOR, Pa., Oct. 16, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it has filed a shareholder class action lawsuit against Trevena, Inc. (NASDAQ: TRVN) (“Trevena” or the “Company”) on behalf of purchasers of the Company’s securities between May 2, 2016 and October 8, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Trevena’s securities during the Class Period may, no later than December 10, 2018, seek to be appointed as a lead plaintiff representative of the class.
Investors who purchased the Company’s securities 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 options, or to request a copy of the shareholder complaint filed in this action. Additional information about this action may also 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 material adverse facts to investors about the Company’s interactions with the U.S. Food and Drug Administration (“FDA”) concerning Oliceridine (TRV 130). Specifically, on May 2, 2016, Trevena announced that it had “reached general agreement” with the FDA on key elements of its Phase 3 program for Oliceridine, and that it was “very pleased” with the outcome of 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.
On October 9, 2018, it was revealed that the FDA informed the Company in 2016 that it “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’s common stock fell more than 64% on October 9, 2018 to close at $1.07 per share.
Investors who purchased the Company’s securities 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.