NEW YORK, Nov. 6, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors ofNovan, Inc.("Novan" or the "Company") (NASDAQ:NOVN). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Novan and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On January 27, 2017, Novan announced top-line results of the Company's two purportedly "identical" Phase 3 clinical trials of SB204, advising investors that the drug had met its goals in only one of the studies. On this news, Novan's share price fell $13.84, or more than 74%, to close at $4.86 on January 27, 2017. On March 22, 2017, Novan announced the departure of its Chief Financial Officer, Richard Peterson. On May 5, 2017, Novan announced the resignation of its Chief Medical Officer, M. Joyce Rico. On June 5, 2017, Novan announced that the Company was replacing its Chief Executive Officer, Nathan Stasko, laying off 20% of its workforce, and executing a plan to turn its focus to earlier-stage compounds.
On this news, Novan's share price fell $0.22, or 4.53%, to close at $4.64 on June 5, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
