Robbins Arroyo LLP: Dynavax Technologies Corporation (DVAX) Misled Shareholders According to a Recently Filed Class Action
December 06 2016 - 3:00PM
Business Wire
Shareholder rights law firm Robbins Arroyo LLP announces that a
class action complaint was filed against Dynavax Technologies
Corporation (NASDAQCM: DVAX) in the U.S. District Court for the
Northern District of California. The complaint is brought on behalf
of all purchasers of Dynavax securities between March 10, 2014 and
November 11, 2016, for alleged violations of the Securities
Exchange Act of 1934 by Dynavax's officers and directors. Dynavax,
a clinical-stage biopharmaceutical company, discovers and develops
novel vaccines and therapeutics in the United States. The company's
lead vaccine product candidate is known as HEPLISAV-B, an
investigational adult hepatitis B vaccine in Phase 3 clinical
development.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/dynavax-technologies-corporation
Dynavax Accused of Misrepresenting the Status of Its Lead
Vaccine Product Candidate
According to the complaint, Dynavax submitted several filings
with the U.S. Securities and Exchange Commission stating that all
of the financial information was accurate and disclosed any
material changes to the company's internal controls over financial
reporting. Dynavax also reported that based on preliminary top-line
results from its Phase 3 clinical trial of HEPLISAV-B, known as
HBV-23, both co-primary endpoints were met. Dynavax further stated
that HEPLISAV-B provided a statistically significant higher rate of
seroprotection than Engerix-B, a control vaccine, in diabetic
participants and in all participants as a group. The company spoke
optimistically about the impending launch of HEPLISAV-B, which it
expected to launch by the fourth quarter of 2016.
However, the complaint alleges that Dynavax officials failed to
disclose that there were significant adverse events associated with
HEPLISAV-B, including an imbalance in the number of cardiac events
during use, and consequently, a commercial product launch of
HEPLISAV-B was less imminent than Dynavax had led investors to
believe. On November 14, 2016, Dynavax announced that it had
received a complete response letter from the U.S. Food and Drug
Administration requesting additional information about HEPLISAV-B
in connection with its Biologics License Application. On this news,
Dynavax's stock fell $7.50 per share, or 64.65%, to close at $4.10
per share on November 14, 2016.
Dynavax Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney Darnell R.
Donahue at (800) 350-6003, DDonahue@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.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20161206006318/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003DDonahue@robbinsarroyo.comwww.robbinsarroyo.com
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