Trevena, Inc. (TRVN) Accused of Lying to Investors About Critical FDA Meeting for Over Two Years

According to a filed class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between May 2, 2016 and October 8, 2018., Trevena led shareholders to believe that the company's April 2016 End-of-Phase 2 meeting with the U.S. Food and Drug Administration ("FDA") was more successful than it actually was. Trevena stated that it had reached an agreement with the FDA on key elements of its Phase 3 program for oliceridine and that the company was "very pleased" with the outcome. However, on October 9, 2018, two days before Trevena's meeting with the FDA to discuss whether oliceridine would be approved for commercial use, the FDA released meeting minutes from the April 2016 meeting revealing that the FDA did not agree with the proposed dosing in the Phase 3 studies, among other things. On this news, Trevena's stock plummeted 64% to close at $1.07 per share on October 9, 2018, and continues to decline.

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