Dynavax Technologies Corporation
Robbins Arroyo LLP: Dynavax Technologies Corporation (DVAX) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that a class action complaint was filed against Dynavax Technologies Corporation (NASDAQCM: DVAX) in the U.S. District Court for the Northern District of California. The complaint is brought on behalf of all purchasers of Dynavax securities between March 10, 2014 and November 11, 2016, for alleged violations of the Securities Exchange Act of 1934 by Dynavax’s officers and directors. Dynavax, a clinical-stage biopharmaceutical company, discovers and develops novel vaccines and therapeutics in the United States. The company’s lead vaccine product candidate is known as HEPLISAV-B, an investigational adult hepatitis B vaccine in Phase 3 clinical development.
Dynavax Accused of Misrepresenting the Status of Its Lead Vaccine Product Candidate
According to the complaint, Dynavax submitted several filings with the U.S. Securities and Exchange Commission stating that all of the financial information was accurate and disclosed any material changes to the company’s internal controls over financial reporting. Dynavax also reported that based on preliminary top-line results from its Phase 3 clinical trial of HEPLISAV-B, known as HBV-23, both co-primary endpoints were met. Dynavax further stated that HEPLISAV-B provided a statistically significant higher rate of seroprotection than Engerix-B, a control vaccine, in diabetic participants and in all participants as a group. The company spoke optimistically about the impending launch of HEPLISAV-B, which it expected to launch by the fourth quarter of 2016.
However, the complaint alleges that Dynavax officials failed to disclose that there were significant adverse events associated with HEPLISAV-B, including an imbalance in the number of cardiac events during use, and consequently, a commercial product launch of HEPLISAV-B was less imminent than Dynavax had led investors to believe. On November 14, 2016, Dynavax announced that it had received a complete response letter from the U.S. Food and Drug Administration requesting additional information about HEPLISAV-B in connection with its Biologics License Application. On this news, Dynavax’s stock fell $7.50 per share, or 64.65%, to close at $4.10 per share on November 14, 2016.
Dynavax Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or you can complete the form below and we will contact you directly.