The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Novan, Inc. (NASDAQ: NOVN) who purchased shares (1) pursuant and/or traceable to Novan’s IPO on or about September 26, 2016 or (2) between September 26, 2016 and August 1, 2017. The action, which was filed in the USDC for the Middle District of North Carolina, alleges that the Company violated federal securities laws.
In particular, the complaint alleges the Company made materially false and/or misleading statements in its Registration Statement and Prospectus for the IPO, and made false statements throughout the class period. In particular, among other allegations, the complaint alleges that the Company repeatedly falsely stated that two Phase 3 clinical trials for the treatment SB204 were identical and omitted specific facts as to why the two critical trials were, in fact, not identical; as a result of these false statements, the Company’s outlook and expected financial performance were not accurately represented.
Shareholders have until January 2, 2018 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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