BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Novan, Inc. (“Novan” or the “Company”) (NASDAQ: NOVN) securities between September 26, 2016 and August 1, 2017, inclusive (the “Class Period”) and/or pursuant to its September 26, 2016 initial public offering. Novan investors have until January 2, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Novan investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On January 27, 2017, the Company announced that its two “replicate” Phase 3 clinical trials for its topical acne treatment had yielded different results. The Company revealed that one trial showed statistical significance for all three co-primary endpoints and the other trial showed statistical significance for only one co-primary endpoint.
On this news, shares of Novan fell 74% to a close of $4.86 per share on January 27, 2017.
The complaint filed in this class action alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Novan had initiated and conducted two identical Phase 3 clinical trials for its lead product candidate SB204; (2) in fact, the two SB204 Phase 3 clinical trials were not identical; and (3) consequently, Novan's financial statements were materially false and misleading at all relevant times.
If you purchased shares of Novan, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.