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 - EconoTimes)
NEW YORK, Nov. 07, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Novan, Inc. (“Novan” or the “Company”) (Nasdaq:NOVN) in the United States District Court for the Middle District of North Carolina on behalf of a class consisting of investors who purchased or otherwise acquired Novan securities on the open market from September 23, 2016 through January 26, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
On January 27, 2017, the Company announced the results of its two Phase 3 clinical trials of SB204. Although the drug achieved its goals in one of the trials, it failed to show it was superior to a placebo in the other trial. Following this news, the price of Novan stock fell $13.84 per share, or 74%, to close at $4.86 per share on January 27, 2017. Subsequent disclosures regarding SB204 demonstrated that the two Phase 3 clinical trials of SB204 were not identical. Following these disclosures, several executives left the Company.
The Complaint alleges that Defendants repeatedly stated that Novan had commenced and performed two identically designed Phase 3 clinical trials for SB204. The Complaint further alleges that as a result of these false statements, the Company’s outlook and expected financial performance were not accurately represented to the market at all relevant times.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the January 2, 2017 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
