ROSEN, TOP RANKED GLOBAL COUNSEL, Encourages Alvotech Investors to Inquire About… – Press Release

NEW YORK, May 26, 2023 /PRNewswire/ —

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

SO WHAT: 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. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

WHAT IS THIS ABOUT: 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, on April 14, 2023, Alvotech’s stock price fell from a closing price of $13.69 on April 13th to as low as $9.30, or 32%, before closing at $10.66 on April 14th, a 22.13% decline. On April 17th, it fell a further 11.35% to close at $9.45 after dropping as low as $9.25 in…