Company: Trevena, Inc.
Class Period: May 2, 2016 — October 8, 2018
Court: U.S.D.C. – Eastern District of Pennsylvania
Deadline: December 10, 2018
Kaskela Law LLC has filed an investor class action lawsuit against Trevena, Inc. (NASDAQ: TRVN) (“Trevena” or the “Company”) on behalf of purchasers of the Company’s securities between May 2, 2016 and October 8, 2018, inclusive (the “Class Period”).
Trevena is a biopharmaceutical company developing innovative therapies based on breakthrough science to benefit patients and healthcare providers confronting serious medical conditions. The Company is currently developing OLINVO (oliceridine) Injection, touted as a next generation IV analgesic for the management of moderate-to-severe acute pain in the hospital and similar settings and has been granted Breakthrough Therapy designation by the United States Food and Drug Administration (“FDA”). After the Company completed a Phase 2 trial of OLINVO, it issued a press release on May 2, 2016, stating that “[it] has reached general agreement with the FDA on key elements of the Phase 3 program to support a New Drug Application (NDA) for oliceridine[.]”
Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and misleading statements and/or failed to disclose that: (i) the FDA had not agreed to key elements of the Company’s Phase 3 trial for oliceridine (TRV130); (ii) the FDA was unlikely to approve oliceridine (TRV130) based on the Company’s Phase 3 trial; and (iii) as a result, Trevena’s public statements were materially false and misleading at all relevant times.
On October 9, 2018, it was revealed that the FDA informed the Company at a meeting with the agency in 2016, that the FDA “did not agree with the proposed dosing in the Phase 3 studies,” the proposed primary endpoint, or the “proposed non-inferiority (NI) margin for comparing morphine to oliceridine.” Following this news, shares of Trevena’s common stock fell more than 64% on October 9, 2018 to close at $1.07 per share.
IMPORTANT DEADLINE: Investors who purchased Trevena’s common stock during the Class Period may, no later than December 10, 2018, seek to be appointed as a lead plaintiff representative of the investor class.
Investors who purchased the Company’s common stock during the Class Period and suffered a financial loss in excess of $100,000 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 to discuss their legal rights and recovery options, or complete the information form on this page.