NEW YORK, Nov. 25, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against
Dynavax Technologies Corporation ("Dynavax" or the "Company")
(NASDAQ: DVAX) and certain of its officers. The
class action, filed in United States District Court, Northern
District of California, and
docketed under 16-cv-06690, is on behalf of a class consisting of
all persons or entities who purchased or otherwise acquired Dynavax
securities between March 10, 2014 and
November 11, 2016, both dates
inclusive (the "Class Period"), seeking to recover compensable
damages caused by defendants' violations of the Securities Exchange
Act of 1934.
If you are a shareholder who purchased Dynavax securities during
the Class Period, you have until January 17,
2017 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
Dynavax, a clinical-stage biopharmaceutical company, discovers
and develops novel vaccines and therapeutics in the United States. The Company's development
programs focus on vaccine adjuvants, cancer immunotherapy, and
autoimmune and inflammatory diseases. The Company's lead products
include HEPLISAV-B, an investigational adult hepatitis B vaccine,
which is in Phase III clinical trials.
The Complaint 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 made false and/or misleading statements and/or failed to
disclose that: (i) there were significant adverse events
associated with Dynavax's HEPLISAV-B product, including an
imbalance in the number of cardiac events during use; (ii)
consequently, a commercial product launch of HEPLISAV-B was less
imminent than Dynavax had led investors to believe; and (iii) as a
result, Dynavax's public statements were materially false and
misleading at all relevant times.
On April 15, 2014, the Company
announced, in its Securities and Exchange Commission 10-Q filing,
the initiation of a new Phase 3 clinical trial of HEPLISAV-B
(known as HBV-23). The Company further stated that this safety and
immunogenicity study was designed to address the Complete Response
Letter regarding the HEPLISAV-B Biologics License Application that
was issued to Dynavax by the U.S. Food and Drug Administration in
February, 2013. This study is intended to significantly increase
the number of vaccinated subjects and provide a sufficiently-sized
safety database for the FDA to make a final determination regarding
the safety and immunogenicity of the product.
On November 14, 2016, pre-market,
the Company announced it had received a complete response letter
("CRL") from the U.S. Food and Drug Administration ("FDA"),
requesting additional information on the Company's HEPLISAV-B
product in connection with its Biologics License Application.
On this news, Dynavax's share price fell $7.50, or 64.65%, to close at $4.10 on November 14,
2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 80 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP