Faruqi & Faruqi, LLP, Lead Counsel, Secures Preliminary Approval of a $13 Million Settlement in In re Avalanche Biotechnologies, Inc. Shareholder Litigation

Faruqi & Faruqi, LLP is pleased to announce that the Court has preliminarily approved a settlement in In re Avalanche Biotechnologies, Inc. Shareholder Litigation.  The settlement provides for a cash payment of $13 million in exchange for the release of the claims alleged in the federal securities class action pending in the U.S. District Court for the Northern District of California, for which Faruqi & Faruqi, LLP serves as sole Lead Counsel, and the lawsuit pending in the Superior Court of the State of California for the County of San Mateo filed by Beaver County Employees Retirement Fund.  A final approval hearing on the settlement is scheduled for January 19, 2018, at 9:00 a.m., at the Superior Court of the State of California for the County of San Mateo.  Notice will be sent to class members to advise them of their rights to participate in, object to, or seek exclusion from the settlement.  In the meantime, a copy of the Court’s order preliminarily approving the settlement can be found at the link below.