Cases
Novan, Inc. (NASDAQ: NOVN)
Securities Class Action
Overview
Overview
- Date:
- 11/6/2017
- Company Name:
- Novan, Inc.
- Stock Symbol:
- NOVN
- Class Period:
- FROM 9/23/2016 TO 8/1/2017
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Middle District of North Carolina
NEW YORK, November 6, 2017 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Middle District of North Carolina on behalf of all persons or entities who purchased or otherwise acquired Novan, Inc. (NASDAQ: NOVN) securities between September 23, 2016 and August 1, 2017 (the “Class Period”). Investors have until January 26, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 27, 2017, Novan announced the results of its two Phase 3 clinical trials of SB204. Although the drug hit all of its goals in one of the trials, it failed to beat 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. It 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.
If you purchased or otherwise acquired Novan securities during the Class Period and suffered a loss, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On January 27, 2017, Novan announced the results of its two Phase 3 clinical trials of SB204. Although the drug hit all of its goals in one of the trials, it failed to beat 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. It 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.
If you purchased or otherwise acquired Novan securities during the Class Period and suffered a loss, have information, 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 Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.