NASDAQ: ALVO

Alvotech

Rosen Law Firm, a global investor rights law firm, announces that it is investigating potential securities claims on behalf of shareholders of Alvotech (NASDAQ: ALVO, ALVOW) resulting from allegations that Alvotech may have issued materially misleading business information to the investing public.

If you purchased Alvotech securities and would like to join the prospective action, please click “Join This Class Action.”

If you purchased Alvotech securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

Details of investigation:

On April 13, 2023, after the market closed, Alvotech issued a press release entitled “Alvotech Provides Regulatory Update on AVT02 Biologics License Application. In this press release, Alvotech announced “that the U.S. Food and Drug Administration (FDA) has issued a complete response letter (‘CRL’) for Alvotech’s Biologics License Application (‘BLA’) for AVT02, a high-concentration biosimilar candidate for Humira® (adalimumab). The CRL noted that certain deficiencies, which were conveyed following the FDA’s reinspection of the company’s Reykjavik facility that concluded on March 17, 2023, must be satisfactorily resolved before the application can be approved.” Alvotech further announced that its second BLA for AVT02 remained under review, and that “satisfactory outcome of the facility reinspection remains the key requirement for approval.

On this news, Alvotech’s stock price fell $3.03 per share, or 22% to close at $10.66 per share on April 14, 2023.

 

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Company Name: Alvotech
Stock Symbol: ALVO
Class Period: N/A
Court: N/A

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