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TREVENA (TRVN) INVESTIGATION: HALPER SADEH LLP ANNOUNCES IT IS INVESTIGATING WHETHER TREVENA, INC. MANAGEMENT BREACHED THEIR FIDUCIARY DUTIES TO SHAREHOLDERS – TRVN
May 31, 2019.
New York, New York—Halper Sadeh LLP, a global investor rights law firm, announces it is investigating whether management of Trevena, Inc. (“Trevena” or the “Company”) (NASDAQ: TRVN) breached their fiduciary duties to Trevena shareholders.
The investigation concerns whether Trevena misled its shareholders to believe that its April 28, 2016 End-of-Phase 2 Meeting with the United States Food and Drug Administration (“FDA”) was far more successful than it actually was. On May 2, 2016, the Company issued a press release entitled “Trevena Announces Successful End-of-Phase 2 Meeting with FDA and Outlines Phase 3 Program for Oliceridine,” in which it announced that it had “reached general agreement” with the FDA on key elements of its Phase 3 program for oliceridine (TRV130) and was “very pleased” with the outcome of its discussions with the FDA.
On October 9, 2018, however, minutes from the FDA’s April 28, 2016 meeting with Trevena were released and showed that the FDA:
- “did not agree with the proposed dosing in the Phase 3 studies”;
- “did not agree with the proposed primary endpoint”; and
- “did not agree with the proposed non-inferiority (NI) margin for comparing morphine to oliceridine.”
On this news, Trevena stock fell $2.04 per share, or over 68%, over the next two trading days to close at $0.947 per share on October 10, 2018, damaging investors.
Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.
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