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Case Status:    DISMISSED    
On or around 04/07/2010 (Date of order of final judgment)

Filing Date: October 30, 2009

According to the complaint filed on October 30, 2009, Avanir 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, the Court dismissed the case without prejudice for want of prosecution.


Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States


Ticker Symbol: AVNR
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. California
DOCKET #: 09-CV-02436
JUDGE: Hon. Roger T. Benitez
DATE FILED: 10/30/2009
CLASS PERIOD END: 10/31/2006
  1. Aguirre Morris & Severson
  2. Jeffrey & Dreher
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available