Lawsuit for Investors in Shares of Novan Inc. (NASDAQ: NOVN) Announced by Shareholders Foundation
SAN DIEGO, CA, November 15, 2017 (Newswire.com) - The Shareholders Foundation, Inc. announces that a lawsuit was filed for investors who purchased NASDAQ: NOVN shares against Novan Inc. over alleged Securities Laws Violations in connection with the Company's initial public offering ("IPO") and between September 26, 2016 and January 26, 2017.
Investors who purchased shares of Novan Inc. (NASDAQ: NOVN) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that in the IPO Registration Statement and Prospectus, and between September 26, 2016 and January 26, 2017, defendants made materially false and misleading statements regarding Novan's business and outlook, specifically regarding SB204. The plaintiff alleges that the Defendants' statements falsely stated that the two Phase 3 clinical trials were identical and omitted specific facts as to why the two critical trials were, in fact, not identical, 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 and that as a result of defendants' false statements between September 26, 2016 and January 26, 2017, the price of Novan Inc. (NASDAQ: NOVN) stock climbed significantly above the IPO price of $11.00 per share, reaching as high as $29.09 per share on December 7, 2016.
On January 27, 2017, Novan Inc. (NASDAQ: NOVN) announced top-line results from the Company's two, replicate Phase 3 pivotal clinical trials for SB204 in the treatment of acne vulgaris. Shares of Novan Inc. (NASDAQ: NOVN) dropped on January 27, 2017 to as low as $3.52 per share.
On June 5, 2017, Novan Inc. announced that it was replacing its CEO and co-founder and that it was laying off 20% of its workforce.
Those who purchased Novan Inc. (NASDAQ: NOVN) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
SOURCE: Shareholders Foundation, Inc.
Source: Shareholders Foundation, Inc.
