Clovis Oncology Inc (NASDAQ: CLVS) Investor Securities Class Action Lawsuit 11/19/2015

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Company Name(s): 
Clovis Oncology
Case Name: 
Clovis Oncology Shareholder Class Action Lawsuit 11/19/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CLVS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/19/2015
Class Period Begin: 
05/31/2014
Class Period End: 
04/07/2016
Court of Filing: 
U.S. District Court for the District of Colorado
Deadline To File for Lead: 
01/19/2016
Date Settled: 
07/14/2017
Settlement Amount: 
$142,000,000
Deadline to Participate in Settlement: 
12/11/2017
Summary: 

The settlement amount of $142,000,000 consists of:
- $25,000,000 paid in cash
- $117,000,000 paid in shares of Clovis common stock

The Settlement Class consists of:
all persons and entities who or which (i) purchased or otherwise acquired Clovis common stock and/or (ii) purchased or otherwise acquired exchange traded call options on Clovis common stock and/or sold/wrote exchange traded put options on Clovis common stock, between May 31, 2014 and April 7, 2016.

July 14, 2017 - The court preliminarily approved the settlement.

June 22, 2017 - Parties filed a stipulation of settlement.

February 9, 2017 - The court granted in part and denied in part defendants' motions to dismiss.

July 27, 2016 - Defendants filed motions to dismiss.

May 6, 2016 - The lead plaintiff filed an amended consolidated complaint.

February 18, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

November 19, 2015 - An investor in shares of Clovis Oncology Inc (NASDAQ: CLVS) filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Clovis Oncology Inc in connection with certain allegedly false and misleading statements made between October 31, 2013 and November 15, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Clovis Oncology Inc (NASDAQ: CLVS) common shares between October 31, 2013 and November 15, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 31, 2013 and November 15, 2015 Defendants made false and/or misleading statements and/or failed to disclose: (1) that the New Drug Application (“NDA”) that Clovis submitted to the FDA for rociletinib contained immature data sets based on both unconfirmed response rates and confirmed response rates; (2) that Clovis Oncology Inc’s Breakthrough Therapy designation submission contained immature data set based primarily on unconfirmed responses; (3) that Clovis Oncology Inc's presented interim data publicly and at medical meetings that included a data set based primarily on unconfirmed responses; (4) that as the efficacy data matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected; (5) that, as a result of the foregoing, Clovis Oncology Inc’s NDA was likely to be delayed and/or rejected by the FDA; and (6) that, as a result of the foregoing, the Defendants’ statements about Clovis Oncology Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Clovis Oncology Inc reported that its annual Revenue rose to $13.62 million in 2014 and that its Net Loss increased from $84.53 million in 2013 to $160.03 million in 2014.

Shares of Clovis Oncology Inc (NASDAQ: CLVS) grew from $36.80 per share in August 2014 to as high as $114.64 per share in September 2015.

On November 16, 2015, Clovis Oncology Inc (NASDAQ: CLVS) announced that during its regularly scheduled Mid-Cycle Communication Meeting held last week with the U.S. Food and Drug Administration (FDA), the agency requested additional clinical data for use in the efficacy analysis for both the 500mg and 625mg BID dose patient groups for rociletinib.

Clovis Oncology Inc said that in the Mid-Cycle Communication meeting, the FDA emphasized that its efficacy analysis would focus solely on confirmed responses and that the New Drug Application (NDA) submitted by Clovis Oncology Inc to the FDA contained immature data sets based on both unconfirmed response rates and confirmed response rates.

Shares of Clovis Oncology Inc (NASDAQ: CLVS) declined to as low as $26.05 per share on November 16, 2016.

On November 19, 2015, NASDAQ: CLVS shares closed at $26.81 per share.