TMCnet News

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Trevena, Inc. Investors (TRVN)
[October 19, 2018]

Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of Trevena, Inc. Investors (TRVN)


Glancy Prongay & Murray LLP ("GPM") announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Trevena, Inc. ("Trevena" or the "Company") (NASDAQ: TRVN) securities between May 2, 2018 and October 8, 2018, inclusive (the "Class Period"). Trevena investors have until December 10, 2018 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On May 2, 2016, Trevena announced that it had "reached general agreement" with the U.S. Food and Drug Administration concerning key elements of its Phase 3 program for oliceridine (TRV130). Then the FDA released a briefing document in advance of its October 11, 2018 vote on the efficacy and safety of the treatment; in this briefing document the reviewers noted that olicridine has abuse and overdose potential. On this news, shares of Trevena fell $1.91 or 64%, to close at $1.07 on October 9, 2018, thereby injuring investors.



The complaint filed in this class action alleges that throughout the Class Period, defendants made false and misleading statements and failed to disclose to investors material adverse facts about the company's interactions with the FDA. Specifically, Trevena is alleged to have misled its shareholders to believe that the company's April 28, 2016 "End-of-Phase 2 Meeting" with the FDA was far more successful than it actually was. The company did so by issuing a press release entitled "Trevena Announces Successful End-of-Phase 2 Meeting with FDA and Outlines Phase 3 Program for Oliceridine" on May 2, 2016, in which the company announced that it had "reached general agreement" with the FDA on key elements of its Phase 3 program for oliceridine (TRV 130), and was "very pleased" with the outcome of its discussions with the FDA. In reality, the FDA disagreed with Trevena on several key factors relating to whether oliceridine would ultimately be approved for commercial distribution. Trevena's filings therefore concealed the true risks faced by the company in gaining ultimate FDA approval.

Follow us for updates on Twitter (News - Alert): twitter.com/GPM_LLP.


If you purchased shares of Trevena during the Class Period you may move the Court no later than December 10, 2018 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


[ Back To TMCnet.com's Homepage ]