Correvio Pharma Corporation
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Correvio Pharma Corporation (“Correvio” or the “Company”) (NASDAQ: CORV) securities during the period from October 23, 2018 through December 5, 2019 (the “Class Period”). Investors have until February 10, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Correvio failed to disclose that: (i) the data supporting the Resubmitted New Drug Application (“NDA”) for its drug Brinavess did not minimize the significant health and safety issues observed in connection with the drug’s original NDA; and (ii) the foregoing substantially diminished the likelihood that the FDA would approve the Resubmitted NDA.
On December 6, 2019, FDA staffers reviewing Brinavess announced that they did not believe that the drug’s benefits outweighed its risks. Specifically, the FDA noted that Brinavess was associated with “serious liabilities” including low blood pressure, irregular heartbeats in the lower heart chambers, and death. On this news, Correvio’s stock price fell $0.86 per share, or 39.8%, to close at $1.30 on December 6, 2019.
Then, on December 10, 2019, NASDAQ suspended trading in Correvio securities in anticipation of the FDA’s Cardiovascular and Renal Drugs Advisory Committee’s (“RDAC”) review and discussion of the Resubmitted NDA. Finally, just before market-close that day, the RDAC voted 11-2 against approval of the Resubmitted NDA, noting that Brinavess’s benefit-risk profile was not adequate to support approval. On this news, and after Correvio shares resumed trading on the NASDAQ, Correvio’s stock price fell $0.94 per share, or 67.1%, to close at $0.46 on December 11, 2019.
If you acquired Correvio securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.