Avalanche Biotechnologies, Inc. is an American clinical stage gene therapy company targeting ocular and rare diseases, including wet age-related macular degeneration and diabetic macular edema.

According to the law firm press release, the lawsuit alleges Defendants made materially false and/or misleading statements and failed to disclose that Phase 2a of the AVA-101 study was not designed to show any statistical significance between the active and control groups in the secondary endpoints. When the true details entered the market, the lawsuit claims that investors suffered damages.

On December 17, 2015, the Court appointed lead Plaintiff and approved the selection of lead Counsel. Lead Plaintiff filed the consolidated Complaint on January 29, 2016.

On November 3, 2016, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiffs were given leave to file an amended Complaint. An amended Complaint was filed on December 2, 2016.

On August 21, 2017, the Court issued an Order staying the case pending settlement of the related state action ongoing in California's San Mateo Superior Court, docketed under CIV536488. On February 5, 2018, the Court issued an Order dismissing the case with prejudice, as a final settlement encompassing the putative class and claims in this case was approved in another Court.