DBV Technologies S.A.
- Company Name
- DBV Technologies S.A.
- Stock Symbol
- Class Period
- February 14, 2018 to December 19, 2018
- Motion Deadline
- March 16, 2019
- District of New Jersey
The complaint charges DBV and certain of its officers with violations of the Securities Exchange Act of 1934. DBV is a clinical-stage biopharmaceutical company engaged in the research and development of epicutaneous immunotherapy products. The Company’s lead product candidate is Viaskin Peanut, an immunotherapy product that had completed Phase III clinical trials for the treatment of peanut allergies in children, adolescents and adults.
The complaint alleges that, during the Class Period, defendants made false and misleading statements and/or failed to disclose adverse information regarding DBV’s business and the prospects for its lead product candidate Viaskin Peanut. Specifically, defendants failed to disclose that DBV’s Biologics License Application (“BLA”) for Viaskin Peanut failed to provide the FDA with sufficient data on manufacturing procedures and quality controls and that, as a consequence, DBV would have to voluntarily withdraw its BLA for Viaskin Peanut. As a result of this information being withheld from the market, DBV securities traded at artificially inflated prices during the Class Period, with its stock reaching a high price of more than $25 per share.
Then on December 19, 2018, after the market closed, DBV announced that its BLA for Viaskin Peanut had been voluntarily withdrawn “following discussions with FDA regarding insufficient data on manufacturing procedures and quality controls.” On this news, the price of DBV shares fell $8.39 per share, or nearly 60%, to close at $5.76 per share on December 20, 2018.