Colorado-based biotech Clovis Oncology is being sued by a shareholder rights law firm for misstatements regarding its lung cancer drug, rociletinib.
According to the complaint, Clovis officials "made false, incomplete, and misleading statements concerning test data which purportedly showed the efficacy and safety of...rociletinib."
Shortly after AstraZeneca released data showing its rival drug, Tagrisso, was safe and effective, Clovis released test data claiming rociletinib was equally as safe and effective. A year later, in April 2016, the U.S. FDA revealed that Clovis had concealed that rociletinib was not well tolerated, and that serious adverse events were reported in 47% of patients treated with the drug.
Read the Robbins Arroyo press release