Defendant Name:
AVEO Pharmaceuticals, Inc.
Defendant Type:
Public Company
Document Reference:
court_doc6_16-cv-10607
Document Details
Legal Case Name
SEC v. AVEO Pharmaceuticals, Inc., Tuan Ha-Ngoc, David Johnston, and William Slichenmyer
Document Name
Final Judgment as to Defendant AVEO Pharmaceuticals, Inc
Document Date
29-Mar-2016
Document Format
Civil Proceeding
Case Number
16-cv-10607
Federal District Court
Massachusetts, District of Massachusetts
Federal District Judge
Nathaniel M. Gorton
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On March 31, 2016, Federal District Judge Nathaniel M. Gorton entered final judgment against AVEO Pharmaceuticals, Inc. pursuant to the consent of AVEO Pharmaceuticals, Inc.
Disgorgement & Penalty Information
Monetary Penalties:
Civil Penalty
Individual:
$4,000,000.00
Shared:
Related Documents:
Litigation Release
On March 29, 2016, the SEC announced that it brought "fraud charges against a Massachusetts-based biotech company and three former executives for misleading investors about the company's efforts to obtain Food and Drug Administration (FDA) approval for its flagship developmental drug to treat kidney cancer."
2016-59
29-Mar-2016
Press Release--Civil Action
SEC: Biotech Company Misled Investors About New Drug's Status With FDA
On March 29, 2016, the SEC announced that it brought "fraud charges against a Massachusetts-based biotech company and three former executives for misleading investors about the company's efforts to obtain Food and Drug Administration (FDA) approval for its flagship developmental drug to treat kidney cancer."
Complaint
In the Complaint, the SEC alleged that: "In 2012 and 2013, AVEO Pharmaceuticals, Inc. ('AVEO'), its chief executive officer, Tuan Ha-Ngoc ('Ha-Ngoc'), chief financial officer, David Johnston ('Johnston'), and chief medical officer, William Slichenmyer ('Slichenmyer') (collectively, 'defendants') made materially misleading statements to investors about communications with staff of the Food and Drug Administration ('FDA') about AVEO's flagship drug candidate, tivozanib ('Tivo'). In these statements, the defendants noted that FDA staff had expressed concerns about survival rates for patients receiving Tivo, and told investors that AVEO would be addressing those concerns by doing 'additional analyses.' In so doing, the defendants concealed the critical fact that FDA staff had recommended that AVEO conduct an additional clinical trial, an expensive and time-consuming proposition."
SEC Obtains Final Judgment Against Aveo Pharmaceuticals Executive
The Commission stated: "The Securities and Exchange Commission obtained a final judgment against David Johnston, the former Chief Financial Officer of Massachusetts-based biotech company, AVEO Pharmaceuticals, Inc."
Other Defendants in Action:
