LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Alvotech (“Alvotech” or the “Company”) (NASDAQ: ALVO) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On April 13, 2023, Alvotech disclosed that it received communication from the U.S. Food and Drug Administration (“FDA”) regarding the FDA’s March 2022 inspection of Alvotech’s manufacturing facility in Reykjavik, Iceland. According to Alvotech, the FDA noted certain deficiencies related to the Reykjavik facility and stated that satisfactory resolution of the deficiencies is required before the FDA can approve the Company’s Biologics License Application (BLA) for AVT02.
On this news, Alvotech’s stock price fell $3.03, or 22.1%, to close at $10.66 per share on April 14, 2023, thereby injuring investors.
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If you purchased Alvotech securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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