Avanir Pharmaceuticals, Inc. - Securities Class Action

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Stanford Law School

Avanir Pharmaceuticals, Inc. Summary: According to the complaint filed on October 30, 2009, is focused on acquiring, developing, and commercializing novel therapeutic• products for the treatment of chronic' diseases. Its lead product candidate, Zenvia, is being developed for the treatment of pseudobulpar affect ("PBA"), a neurological disease that causes sudden and unpredictable episodes of crying, laughing, or other emotional displays.

On October 31, 2006, Avanir disclosed that the FDA had issued an "Approvable Letter" indicating that Avanir's New Drug Application ("NDA") for Zenvia was approvable, subject to Avanir satisfying the FDA's concerns about the safety and efficacy of Avanir. This Approvable Letter, which Avanir's then CEO called a "negative surprise", was a far cry from the statements defendants made during the relevant time period, in which all defendants all but guaranteed that the FDA would approve the FDA for Zenvia. Not surprisingly, when the truth was revealed, the price of Anavir’s shares collapsed to as low as $3.98 per share, down 54% from the previous day closing of $7.40 per share.

On March 29, 2010, Judge Roger T. Benitez dismissed the case without prejudice for want of prosecution. On April 7, 2010, Judge Benitez signed the Judgment and Dismissal for by Court Under Rule 4(m) F.R.Civ.P. for Want of Prosecution Without Prejudice. The case is now closed.

INDUSTRY CLASSIFICATION:
SIC Code: 2834
Sector: Healthcare
Industry: Biotechnology & Drugs

COMPANY/ISSUER NAME:	Avanir Pharmaceuticals, Inc.
COMPANY/ISSUER TICKER:	AVNR
COMPANY WEBSITE:	http://www.avanir.com

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Tamara Vaughn , et al. v. Avanir Pharmaceuticals, Inc., et al.

COURT: S.D. California	DOCKET NUMBER: 09-CV-02436
JUDGE NAME: Hon. Roger T. Benitez
DATE FILED: 10/30/2009	SOURCE:
CLASS PERIOD START: 07/01/1995	CLASS PERIOD END: 10/31/2006
TYPE OF COMPLAINT: Complaint (Unamended and Unconsolidated)
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Aguirre Morris & Severson 444 West C Street, Suite 210, San Diego, CA, 92101 (voice) 619.876.5364, (fax) 619 876-5368, Jeffrey & Dreher 835 Fifth Avenue, Suite 202, San Diego, CA, 92101 (voice) 619.230.8828, (fax) 619.687-0136, _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 2

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint For Violation Of Federal Securities Laws
Type: Complaint		Date on the document: 10/30/2009
Judgment And Dismissal By Court Under Rule 4 (m) F.R.Civ.P. For Want Of Prosecution
Type: Other		Date on the document: 04/07/2010
U.S. District Court Civil Docket
Type: Docket		Date on the document: 04/07/2010

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

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