LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the September 18, 2015 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) of purchasers of the securities of Avalanche Biotechnologies, Inc. (NASDAQ: AAVL) (“Avalanche” or “the Company”) that purchased shares between July 31, 2014 and June 15, 2015, inclusive (the, “Class Period”). The complaint alleges that 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 securities during the Class Period, have questions or information regarding this matter, or are interested in learning more about your legal rights in this matter, you are encouraged to contact Casey Sadler, Esq., of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
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