AVEO Pharmaceuticals Inc (NASDAQ: AVEO) Investor Securities Class Action Lawsuit 05/09/2013

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Company Name(s): 
AVEO Pharmaceuticals
Case Name: 
AVEO Pharmaceuticals Shareholder Class Action Lawsuit 05/09/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: AVEO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/09/2013
Class Period Begin: 
05/16/2012
Class Period End: 
05/01/2013
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
07/08/2013
Date Settled: 
02/08/2018
Settlement Amount: 
$15,000,000
Deadline to Participate in Settlement: 
05/29/2018
Summary: 

The settlement will provide for $15 million cash and 2 million warrants to be issued after final approval of this Settlement, with a one-year term and a $3.00 strike price (the closing price the day before the Parties agreed to this Settlement).

May 30, 2018 - The court approved the settlement, the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

February 8, 2018 - The court preliminarily approved the settlement.

February 2, 2018 - Parties filed a stipulation of settlement.

February 2, 2017 - The lead plaintiffs filed another amended consolidated complaint.

December 9, 2015 - The lead plaintiffs filed a notice of appeal.

November 18, 2015 - The court granted defendants' motion to dismiss.

July 17, 2015 - The defendants filed another motion to dismiss.

June 26, 2015 - The lead plaintiffs filed another amended consolidated complaint.

March 20, 2015 - The court granted the defendants' motion to dismiss without prejudice.

April 4, 2014 - The defendants filed a motion to dismiss.

February 3, 2014 - The lead plaintiffs filed an amended consolidated complaint.

December 4, 2013 - All cases were consolidated.

December 3, 2013 - The lead plaintiffs and lead counsel were appointed.

July 8, 2013 - Lead plaintiff motions were filed.

May 9, 2013 - An investor in shares of AVEO Pharmaceuticals Inc (NASDAQ: AVEO) filed a lawsuit in the U.S. District Court for the District of Massachusetts against AVEO Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between January 3, 2012 and May 1, 2013.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of AVEO Pharmaceuticals Inc (NASDAQ: AVEO) between January 3, 2012 and May 1, 2013, that AVEO Pharmaceuticals Inc and certain of its officers and directors violated the Securities Exchange Act of 1934.

More specifically, the plaintiff alleges that defendants allegedly conditioned investors to believe that AVEO Pharmaceuticals Inc's drug Tivopath or tivozanib, would receive approval from the U.S. Food and Drug Administration ("FDA") through a host of materially allegedly false and misleading statements regarding its Phase III ("TIVO-1") trial design and results.

Then on May 2, 2013, AVEO Pharmaceuticals Inc announced that a Food and Drug Administration 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 well-controlled 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.

On May 9, 2013, AVEO Pharmaceuticals Inc (NASDAQ: AVEO) shares closed at $2.59 per share, which is significantly below its current 52 week High of $14.08 per share.