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

According to the filed complaint, Trevena, Inc. (TRVN) 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, 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. Then, on October 11, 2018, Trevena announced that the FDA denied its New Drug Application for oliceridine. Trevena's stock plummet on this news and now trades under $1.00.

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