Clovis forks over $20m to settle SEC charges that it misled investors

The SEC said today that Clovis Oncology (NSDQ:CLVS), its CEO and former CFO will pay more than $20 million to settle charges that the company misled investors about its experimental lung cancer drug. The SEC alleged that beginning in July 2015 and over the course of a four-month period, CEO Patrick Mahaffy and his team at Clovis boasted that their investigational lung cancer drug sported a 60% efficacy rate. The company went on to raise $298 million in a public stock offering. Get the full story at our sister site, Drug Delivery Business News. The post Clovis forks over $20m to settle SEC charges that it misled investors appeared first on MassDevice.
Source: Mass Device - Category: Medical Devices Authors: Tags: Clinical Trials Featured Legal News Oncology Pharmaceuticals Wall Street Beat clovisoncology Source Type: news