Novacea Inc. (NOVC) IPO
Keywords: Novacea | Lawyer | IPO | Lawsuit | Stock | Shareholder | Fraud | Attorney
In conjunction with our partner lawyers, we are currently investigating claims for Novacea Inc. shareholders who purchased shares of Novacea Inc. and lost money on their investment as a result of the Company's recent announcements.
Our Experienced Stock Fraud Lawyers and Attorneys Have Years of Experience Representing Shareholders in Numerous IPO Lawsuits.
Our investigation revolves around whether Novacea Inc., certain of its officers and directors, and the Company's underwriters included, or allowed the inclusion of, materially false and misleading statements in the Registration Statement and Prospectus issued in connection with the Company's IPO, in violation of the Securities Act of 1933. Recent corrective disclosures have caused the price of shares of Novacea Inc. to fall precipitously.
Novacea Inc. is a biopharmaceutical company focused on in-licensing and commercializing novel therapies for the treatment of cancer. In May 2006, Novacea Inc. launched its IPO, with its stock priced at $6.50 per share. Bear Stearns, Cowen & Co., Pacific Growth and HSBC Corp. were the underwriters on the deal.
In November 2007, Novacea Inc. announced that it had halted Phase III ASCENT-2 clinical trial of Asentar. Unfortunately this was Novacea's lead investigational cancer therapy for the treatment of patients with androgen-independent prostate cancer. The clinical trial was halted due to an imbalance of deaths between the two treatment arms, as observed by the Data Safety Monitoring Board for the clinical study.
Asentar was the most important drug in Novacea Inc. development pipeline. The announcement of the halted clinical trial sent Novacea's stock into a free-fall, and it lost 65% of its value in one day.
If you purchased stock during the Novacea Inc. IPO and have suffered a financial loss, you have valuable legal rights. Please fill out our online form or call us at 1-800-LAW INFO (1-800-529-4636) for a free consultation with one of our experienced stock fraud lawyers today.