Robbins Arroyo LLP: Trevena, Inc. (TRVN) Misled Shareholders According to a Class Action
According to the complaint, Trevena led shareholders to believe that the company’s April 2016 End-of-Phase 2 meeting with the U.S. Food and Drug Administration (“FDA”) was more successful than it actually was. Trevena stated that it had reached an agreement with the FDA on key elements of its Phase 3 program for oliceridine and that the company was “very pleased” with the outcome. However, on October 9, 2018, two days before Trevena’s meeting with the FDA to discuss whether oliceridine would be approved for commercial use, the FDA released meeting minutes from the April 2016 meeting revealing that the FDA did not agree with the proposed dosing in the Phase 3 studies, among other things. On this news, Trevena’s stock plummeted 64% to close at $1.07 per share on October 9, 2018, and continues to decline.
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