SAN DIEGO & CHESTERBROOK, Pa.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Trevena, Inc. (NasdaqGS: TRVN) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 2, 2016 and October 8, 2018. Trevena, a biopharmaceutical company, develops therapies based on breakthrough science to benefit patients and healthcare providers confronting serious medical conditions. Trevena's product candidate, known as oliceridine, is designed to treat pain intravenously.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/trevena-inc/
Trevena Accused of Lying to Investors About Critical FDA Meeting for Over Two Years
According to the complaint, Trevena led shareholders to believe that the company's April 2016 End-of-Phase 2 meeting with the U.S. Food and Drug Administration ("FDA") was more successful than it actually was. Trevena stated that it had reached an agreement with the FDA on key elements of its Phase 3 program for oliceridine and that the company was "very pleased" with the outcome. However, on October 9, 2018, two days before Trevena's meeting with the FDA to discuss whether oliceridine would be approved for commercial use, the FDA released meeting minutes from the April 2016 meeting revealing that the FDA did not agree with the proposed dosing in the Phase 3 studies, among other things. On this news, Trevena's stock plummeted 64% to close at $1.07 per share on October 9, 2018, and continues to decline.
Trevena Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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