NovoCure Limited (NasdaqGS: NVCR)
NovoCure and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On June 6, 2023, the Company announced “positive results” from the Phase 3 LUNAR clinical trial evaluating the use of its Tumor Treating Fields therapy together with standard therapies for the treatment of non-small cell lung cancer; however, despite some positive aspects to the news, analysts noted that the therapy was tested in patients who worsened following chemotherapy, which is no longer the standard of care in lung cancer, and that most patients first receive immune checkpoint inhibitors.
On this news, shares of NovoCure fell $35.51 per share, or 43.04%, to close at $47.00 per share on June 6, 2023.
The case is Bazzelle v. NovoCure Limited, et al., No. 23-cv-5146.