Clovis Oncology Management Faces New Investigation into False Statements

A securities fraud class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of shareholders of Clovis Oncology, Inc. (NASDAQ: CLVS) who purchased shares between May 20, 2014 and November 13, 2015.  Schubert Jonckheer & Kolbe LLP, a shareholder rights law firm, is investigating whether derivative claims on behalf of Clovis may be warranted. Through a derivative action, Clovis may seek to recover losses caused by the filing of the class action, including defense costs and any damages awarded to stock purchasers, among other relief. 

The class action complaint alleges that throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) the New Drug Application ("NDA") that Clovis submitted to the FDA for rociletinib, its cancer drug, contained immature data sets based on both unconfirmed response rates and confirmed response rates; (2) Clovis' Breakthrough Therapy designation submission contained immature data sets based primarily on unconfirmed responses; (3) Clovis presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; and (5) as a result of the foregoing, Clovis' NDA was likely to be delayed and/or rejected by the FDA. When this information was disclosed to the market, the stock price fell by approximately 67%.

If you are a long-term holder of Clovis stock and wish to obtain additional information about your legal rights, please contact Miranda Kolbe either via email at mkolbe@schubertlawfirm.com or by telephone at (415) 788-4220, or fill out the form (on the right).