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NVCR.US
id: 764
NovoCure (NVCR) LUNAR Trail Case on Misleading
S.D. New York
Court23-cv-05146
Case number05 Jan 2023
Class period Start05 Jun 2023
Class period End18 Aug 2023
Lead Plaintiff motion deadline- NovoCure issued results from the Phase 3 LUNAR clinical trial. Analysts noted that the therapy was tested in patients who worsened following chemotherapy, which is no longer the standard of care in lung cancer.
- $NVCR fell 43.04% and lost over $3.7 billion of its market cap.
- Investors suspect NovoCure and its accountables of misleading.
On June 6, 2023, NovoCure (NVCR) issued a press release announcing "positive results" from the Phase 3 LUNAR clinical trial evaluating the use of its Tumor Treating Fields ("TTFields") therapy together with standard therapies for the treatment of non-small cell lung cancer.
- Despite reporting that patients receiving TTFields combined with standard therapies achieved median overall survival (OS) of 13.2 months, compared to 9.9 months for patients treated only with standard therapies, 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 (ICI).
- Although the Company stated that there was a "profound OS benefit" with a subgroup of patients who received ICIs, only a few patients (66) were treated with ICIs.
On this news, $NVCR fell 43.04% and lost over $3.7 billion of its market cap, injuring investors.
Taking all representations and facts into account, investors have reasons to suspect NovoCure and its accountables of misleading, specifically:
- The Company concealed the true nature of the LUNAR study data, which involved a relatively small percentage of participants who were receiving standard-of-care therapy;
- Consequently, the reliability of the data in demonstrating clinical efficacy was significantly compromised;
- The disclosure of this information had a reasonable likelihood of negatively affecting the Company’s regulatory prospects and overall operations;
- as a result, the Company’s public statements made during the relevant times were materially false and misleading.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
06 June 2023
Filing date
19 June 2023
Lead Plaintiff Deadline
18 August 2023