The Shareholders Foundation announces that an investor who currently holds shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) filed a lawsuit against the CEO of AVEO Pharmaceuticals, Inc. and seven other officers over alleged breaches of fiduciary duties in connection with AVEO Pharmaceuticals’ drug Tivopath or tivozanib.
Investors who purchased shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) in 2012 or earlier and currently hold any of those NASDAQ:AVEO shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that AVEO Pharmaceuticals, Inc. and its board of directors misrepresented the prospects of its cancer drug tivozanib and when the U.S. Food and Drug Administration (“FDA”) unexpectedly declined to approve the drug NASDAQ:AVEO shares declined by more than 90 percent.
The plaintiff says that AVEO Pharmaceuticals, Inc issued repeated positive statements regarding the results of the TIVO-1 study and tivozanib’s prospects for obtaining FDA approval in 2012.
Then on May 2, 2013, AVEO Pharmaceuticals, Inc. announced that a FDA panel recommended its drug Tivopath not be approved as a treatment for advanced kidney cancer. AVEO Pharmaceuticals, Inc. and Astellas Pharma Inc. said that the U.S. Food and Drug Administration’s Oncologic Drugs Advisory Committee voted that the application for investigational agent tivozanib did not demonstrate a favorable benefit-to-risk evaluation for the treatment of advanced renal cell carcinoma (RCC) in an adequate and wellcontrolled trial (13 to 1, 0 abstentions).
Shares of AVEO Pharmaceuticals, Inc. dropped from $5.60 per share on May 1, 2013, to $2.54 per share on May 2, 2013 and continued to decline to $1.06 per share on May 9, 2014.
On May 13, 2014, NASDAQ:AVEO shares closed at $1.19 per share.
Those who purchased shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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