Clovis and execs to pay $20M for misleading investors on rociletinib [Seeking Alpha]
Clovis Oncology, Inc. (CLVS)
Last clovis oncology, inc. earnings: 2/24 04:05 pm
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US:NASDAQ Investor Relations:
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Source: Seeking Alpha
As expected, Clovis Oncology ( CLVS ), CEO Patrick Mahaffy and former CFO Erle Mast have agreed to pay more than $20M in penalties to settle charges of misleading investors about the efficacy of lung cancer candidate rociletinib. The SEC's complaint alleges that, over a four-month period in 2015, Mr. Mahaffy and the company misled investors about how well rociletinib worked compared to another drug. The promising data helped the company raise ~$298M in July of that year and was a factor in the stock's appreciation. In November 2015, however, shares collapsed after the disclosure of a much lower level of effectiveness. The company stopped developing rociletinib in May 2016. Mr. Mahaffy and Mr. Mast continued to convey the higher level of efficacy to the investment community after learning that it was, in fact, much lower. The settlement was expected since the company recorded a $20M charge last quarter. Last year, the company settled class action lawsuits for $142M i
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