SAN DIEGO & MONTROUGE, France--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of DBV Technologies S.A. (NasdaqGS: DBVT) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between February 14, 2018 and December 19, 2018. DBV, a clinical-stage biopharmaceutical company, engages in the research and development of epicutaneous immunotherapy products. DBV's lead product candidate, known as Viaskin Peanut, is designed to treat peanut allergies.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/dbv-technologies/
DBV Accused of Misleading Investors About the Efficacy of Its Drug
According to the complaint, in February 2018, DBV announced that the U.S. Food and Drug Administration ("FDA") agreed that the efficacy and safety data for DBV's drug, Viaskin Peanut, supported the submission of a Biologics License Application ("BLA"). In October 2018, DBV stated that the company submitted its BLA, calling it a "significant step forward for those families living with peanut allergy." It came as a surprise to investors when, less than two months later, DBV announced that it voluntarily withdrew its BLA because the FDA determined that the level of detail for manufacturing procedures and quality controls was insufficient. On this news, DBV shares plummeted nearly 60% to close at $5.76 per share on December 20, 2018.
DBV Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo 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.
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