Investors claim biopharmaceutical company Travena violated Securities Exchange Act

By Jenie Mallari-Torres | Oct 29, 2018

PHILADELPHIA — Investors have filed a class action lawsuit against Travena Inc., Maxine Gowen and Roberto Cuca, a biopharmaceutical company and its officials, alleging violations of the Securities Exchange Act.

Tony Mastopietro filed a complaint individually and on behalf of all others similarly situated on Oct. 15 in the U.S. District Court for the Eastern District of Pennsylvania against the defendants, alleging they breached its duty of good faith and fair dealings.

According to the complaint, the plaintiffs allege that Tony Mastopietro and other similarly situated individuals who purchased defendants' common stock have suffered monetary damages as a result of defendants' wrongful acts and omissions of failing to disclose material adverse facts about the company such as the FDA's unlikely approval of its new drug application for Oliceridine, which caused the drastic decline in the market value of the company's securities. 

The plaintiffs hold Travena Inc., Maxine Gowen and Roberto Cuca responsible because the defendants allegedly misrepresented material facts to the investing public about the business, operations and management of the bio-tech company.

The plaintiffs request a trial by jury and seek judgment against defendants for damages, maintenance of class action, interest, attorney's fees, expert fees, other costs, and further relief as the court deems just. They are represented by D. Seamus Kaskela of Kaskela Law LLC in Radnor; Jeremy Lieberman and J. Alexander Hood II of Pomerantz LLP in New York; Patrick Dahlstrom of Pomerantz LLP in Chicago; and Corey Holzer of Holzer & Holzer LLC in Atlanta.

The U.S. District Court for the Eastern District of Pennsylvania Case No. is 18-cv-04426.

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