The Shuman Law Firm Investigates Clovis Oncology, Inc.
BOULDER, CO May 11, 2016 – The Shuman Law Firm announces that it is investigating potential claims against certain officers and directors of Clovis Oncology, Inc. (“Clovis” or the “Company”) (Nasdaq: CLVS). Clovis is a Boulder, CO-based biopharmaceutical company that focuses on anti-cancer agents.
The Firm’s investigation relates to whether certain current and/or former senior officers and directors breached their fiduciary duties to the Company by allegedly causing the Company to issue materially false and misleading statements regarding rociletinib, Clovis’ proprietary cancer drug for lung cancer treatment. On November 16, 2015, Clovis’ senior management announced that rociletinib’s Objective Response Rate (“ORR”) was less than half the number previously reported publicly. ORR was the central measure of success in rociletinib’s drug trial and of critical importance to Clovis’ future business prospects. Following the Company’s November 16, 2015 disclosure, Clovis’ stock price fell more than 70% in a single day, wiping out more than $2.7 billion in market capitalization. Additional negative information regarding rociletinib’s safety profile, specifically with respect to increased side effects was released on April 8, 2016. Following this disclosure, Clovis’ stock fell an additional 17%.
If you currently own Clovis common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at firstname.lastname@example.org or Mr. Glenn at email@example.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.