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AVEO Oncology (Formerly known as AVEO Pharmaceuticals, Inc.) (AVEO) Hit With Flurry of Class Action Lawsuits


5/13/2013 8:30:47 AM

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Attention NASDAQ:AVEO Investors: Lawsuit Against AVEO Pharmaceuticals, Inc. Filed

San Diego, CA -- (SBWIRE) -- 05/13/2013 -- An investor in shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged securities laws violations by AVEO Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between January 3, 2012 and May 1, 2013 concerning its drug Tivopath or tivozanib.

Investors who purchased a significant amount of shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) between January 3, 2012 and May 1, 2013, and / or those who purchased NASDAQ:AVEO shares prior to January 2012 and currently hold any of those NASDAQ:AVEO shares, have certain options and for certain investors are short and strict deadlines running. Deadline: July 8, 2013, NASDAQ:AVEO investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

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 the Company'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 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 10, 2013, NASDAQ:AVEO shares closed at $2.74 per share, which is significantly below its current 52 week High of $14.08 per share.

Those who purchased shares of AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO), have certain options and should contact the Shareholders Foundation.

Contact:

Shareholders Foundation, Inc.

Trevor Allen

3111 Camino Del Rio North - Suite 423

92108 San Diego

Phone: +1-(858)-779-1554

Fax: +1-(858)-605-5739

mail@shareholdersfoundation.com



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