Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, announces that it has filed a securities fraud class action against Trevena, Inc. ("Trevena" or the "Company") (NASDAQ: TRVN) and certain of its officers alleging violations of the federal securities laws and encourages shareholders to contact Block & Leviton ahead of the December 10, 2018 lead plaintiff deadline.
The complaint, filed in the United States District Court Eastern District of Pennsylvania, captioned Tomaszewski v. Trevena, Inc. et al., Case No. 2:18-cv-04378, alleges that between May 2, 2016 and October 8, 2018, inclusive (the "Class Period"), Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, 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. 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 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. In fact, FDA minutes from its April 28, 2016 meeting with the Company show 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"
As a result of Defendants' wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Plaintiff and other Class Members have suffered significant losses and damages.
A motion to dismiss is fully briefed and pending before the Court.