AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
AVEO Pharmaceuticals
Affected Securities: 

May 3, 2013 (Shareholders Foundation) - An investigation on behalf of investors of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) shares over potential securities laws violations by AVEO 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 AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) concerning whether a series of statements by AVEO Pharmaceuticals regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

AVEO Pharmaceuticals, Inc. reported its annual Total Revenue declined from $164.85 million in 2011 to $19.29 million in 2012 and that its Net Income of $30.65 million in 2011 declined to as Net Loss of $114.39 million in 2012.

Shares of AVEO Pharmaceuticals, Inc. declined from $20.68 per share in July 2011 to as low as $6.41 per share in March 2013.

On April 29, 2013, AVEO Pharmaceuticals, Inc. reported its First Quarter 2013 Financial Results. Shares of AVEO Pharmaceuticals, Inc. declined from $7.50 per share on Monday, April 29, 2013, to $5.49 per share on Tuesday, April 30, 2013.

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 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.

On May 3, 2013, NASDAQ:AVEO shares closed at $2.52 per share.