Avanir Pharmaceuticals Inc (NASDAQ:AVNR) Investor Investigation Over Potential Securities Laws Violations

If you purchased shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR), you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Avanir Pharmaceuticals
Affected Securities: 

December 17, 2013 (Update) -- On December 10, 2013, Avanir Pharmaceuticals Inc reported financial results for the three and twelve-months ended September 30, 2013 and announced results for phase II PRIME Study. Avanir Pharmaceuticals said that PRIME, its phase II clinical trial of the investigational drug AVP-923 (dextromethorphan / quinidine) for the treatment of central neuropathic pain in patients with multiple sclerosis did not meet the primary efficacy endpoint.

Shares of Avanir Pharmaceuticals Inc declined from $4.34 per share on December 10, 2013, to $2.68 per share on December 17, 2013.

September 17, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) shares over potential securities laws violations by Avanir Pharmaceuticals and certain of its directors and officers in connection certain financial statements was announced

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) concerning whether a series of statements by Avanir Pharmaceuticals Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Avanir Pharmaceuticals Inc reported that its Total Revenue rose from $10.50 million for the 12 months period that ended on Sept. 30, 2011 to $41.28 million for the 12 months period that ended on Sept. 30, 2012 and that its respective Net Loss declined from $60.63 million to $59.74 million.

Shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) grew from $1.78 per share in December 2011 to as high as $5.989 per share on Sept. 9, 2013.

Then on Sept. 11, 2013, a report was published that alleged that Avanir Pharmaceuticals Inc “has engaged in illegal off-label marketing of Nuedexta and that off-label prescriptions have generated a significant portion of AVNR's Nuedexta revenue to date”. Furthermore, the report stated that Avanir Pharmaceuticals “could face over $100mm in fines and penalties and see its Nuedexta sales plummet following a potential government investigation”.

Shares of Avanir Pharmaceuticals Inc (NASDAQ:AVNR) declined on Sept. 11, 2013, to as low as $4.49 per share.

On September 17, 2013, NASDAQ:AVNR shares closed at $4.34 per share.