BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming February 10, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Correvio Pharma Corporation (“Correvio” or the “Company”) (NASDAQ: CORV) securities between October 23, 2018 and December 5, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Correvio investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On December 6, 2019, U.S. Food and Drug Administration (“FDA”) staffers who reviewed the Company’s resubmitted New Drug Application (“NDA”) for Brinavess found that the drug’s benefits did not offset its risks because Brinavess was associated with “serious liabilities” including irregular heartbeat, low blood pressure, and death.
On this news, Correvio’s share price fell $0.86 per share, or nearly 40%, to close at $1.30 per share on December 6, 2019, thereby injuring investors.
Then, on December 10, 2019, the FDA’s Cardiovascular and Renal Drugs Advisory Committee (“RDAC”) voted 11-2 against the resubmitted NDA, noting that the benefit-risk profile for Brinavess was inadequate to support approval.
On this news, Correvio’s share price further fell $0.94 per share, or more than 67%, to close at $0.46 per share on December 11, 2019, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the data supporting the Resubmitted New Drug Application ("NDA") for Brinavess did not minimize the significant health and safety issues observed in connection with the drug's original NDA; (2) that the foregoing substantially diminished the likelihood that the U.S. Food and Drug Administration would approve the Resubmitted NDA; and (3) that, as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
If you purchased Correvio securities during the Class Period, you may move the Court no later than February 10, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 email to email@example.com, or visit our website at www.howardsmithlaw.com.
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