BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Avalanche Biotechnologies, Inc. (NASDAQ: AAVL) (“Avalanche” or “the Company”). The investigation focuses on whether the Company and its officers violated securities laws by misleading investors regarding the strength of its Phase 2 clinical trials, and hid the fact that the trial was not designed to show statistically significant differences between the control and active groups.
On June 15, 2015, Avalanche reported that the company's treatment for wet age-related macular degeneration met its primary endpoint. In a conference call, after the close of trading on June 15, 2015, however, the Company indicated that the study wasn't designed to show statistically significant differences between active and control groups. On this news, shares of Avalanche fell $21.88 per share, or 56%, to close on June 16, 2015 at $17.05 per share. Then on July 23, 2015, the Company announced that CEO Thomas Chalberg had resigned his position, causing the Company’s shares to decline over 5% in intraday trading.
If you purchased Avalanche shares, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, toll-free at 888-638-4847, or by e-mail to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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