STEVENSON, Md., Nov. 30, 2017 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Middle District of North Carolina on behalf of a class who purchased Novan, Inc. (Nasdaq: NOVN ) (“Novan” or the “Company”) common stock pursuant to Novan’s September 26, 2016 initial public offering (“IPO”) and/or on the open market between September 26, 2016 and January 26, 2017 (the “Class Period”). Investors who wish to become proactively involved in the litigation have until January 2, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in connection with the Company’s IPO and/or during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the IPO and during the Class Period that the Company’s two Phase 3 clinical trials for its lead product candidate SB204 were not identical.
According to the complaint, following a January 27, 2017 announcement of top-line results where the drug failed to beat a placebo in the other separate study, the value of Novan shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Novan’s September 26, 2016 IPO and/or during the class period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/casesandinvestigations.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
