Avalanche Securities Litigation Settlement
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Welcome to the Avalanche Securities Litigation Settlement Website

This website has been established to provide general information related to the proposed settlement ("Settlement") of the action captioned In re Avalanche Biotechnologies, Inc. Shareholder Litigation, Lead Case No. CIV536488 (the “Action”), pending before the Superior Court of California, County of San Mateo (the “Court”). The capitalized terms used on this website, and not otherwise defined, shall have the same meanings ascribed to them in the Stipulation and Agreement of Settlement (the "Stipulation") dated August 3, 2017, which can be found and downloaded by clicking here.

The Court ordered that the law firms of  Robbins Geller Rudman & Dowd LLP and Faruqi & Faruqi LLP represent the Class Members, including you. These lawyers are called Plaintiffs' Counsel. If you want to be represented by your own lawyer, you may hire one at your own expense.

What is this Lawsuit About?

Avalanche was a clinical-stage biotechnology company focused on the discovery and development of novel gene therapies to treat eye diseases. This Action and the Federal Court Action allege, among other things, that Defendants misrepresented and omitted material facts in the registration statements for the IPO and SPO and thereafter that the Issuer Defendants misrepresented and omitted material facts concerning the status of AVA-101, the Company’s main product under development. AVA-101 was a gene therapy purportedly intended to treat wet age-related macular degeneration (wet AMD). In June 2015, Plaintiffs allege that Avalanche revealed the true results of the AVA-101 study – AVA-101 was neither safe nor effective, as a result the price of Avalanche’s common stock price dropped dramatically.

The Court has not ruled as to whether Defendants are liable to Plaintiffs or to the Class. The Notice of Proposed  Settlement of Class Action (the "Notice") and this website are not intended to be an expression of any opinion by the Court with respect to the truth of the allegations in this Action or the Federal Court Action or the merits of the claims or defenses asserted. The Notice and this website are solely to advise you of the pendency of the Action and the Federal Court Action and the proposed Settlement thereof and your rights in connection with that Settlement.

The Settlement

The Settlement, if approved, will result in the creation of a cash settlement fund of $13,000,000 (the “Settlement Amount”). The Settlement Amount, plus accrued interest (the “Settlement Fund”) and minus the costs of the Notice and all costs associated with the administration of the Settlement Fund, as well as attorneys’ fees and expenses, and the payment of Plaintiffs’ time and expenses in representing the Class, as approved by the Court (the “Net Settlement Fund”), will be distributed to eligible Class Members pursuant to the Plan of Allocation that is described in the Notice.

How do I know if I am a Class Member?

If you purchased or acquired Avalanche common stock between July 30, 2014 and June 15, 2015 (inclusive), including those Persons that purchased or acquired the Company’s common stock pursuant or traceable to the Company’s Registration Statement and Prospectus in connection with the Company’s IPO and/or pursuant or traceable to the Company’s SPO, you are a Class Member. As set forth in the Stipulation, excluded from the Class are: the Defendants; any officers or directors of Avalanche or the Underwriter Defendants during or after the Class Period; any corporation, trust or other entity in which any Defendant has a controlling interest; and the members of the immediate families of the Individual Defendants, and the Individual Defendants’ successors, heirs, assigns and legal representatives.

Additional Information

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice and the Stipulation.

Important Dates and Deadlines

Submit a Proof of Claim: December 27, 2017
Request Exclusion: November 27, 2017
File an Objection: November 27, 2017
Settlement Fairness Hearing: January 19, 2018 at 9:00 a.m.