NEW YORK, June 12, 2023 /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of Zai Lab Limited ("Zai Lab") (NASDAQ: ZLAB) concerning possible violations of federal securities laws.
On March 9, 2022, the U.S. Securities and Exchange Commission ("SEC") published a notification identifying Zai Lab, among other companies, as in potential violation of the Holding Foreign Companies Accountable Act, which allows the SEC to delist companies and ban a company's shares from being traded if the company fails to allow U.S. regulators to review their company audits for three straight years. Zai Lab and the other companies named in the SEC notification have until March 29, 2022 to challenge the charges against them.
On this news, Zai Lab's stock price fell $6.74 per share, or 18%, to close at $30.02 per share on March 10, 2022.
On June 6, 2023, Zai Lab reported phase 3 trials for an oncology therapy it is developing with NovoCure. It said that its tumor treating fields (TTFields) therapy, which uses skin patches to deliver electric fields to areas of the body, when used with standard therapies, met its primary endpoint of three-month improvement in median overall survival time in metastatic non-small cell lung cancer (NSCLC) patients. However the study was unreliable because many of the study participants didn't use an initial checkpoint inhibitor, which is seen as the leading way to treat NSCLC, thereby allowing for the possibility that the study was highly skewed by comparing TTFields to a lesser therapy.
On this news, Zai Lab's stock fell $4.88 per share, or 14.55%, on unusually high trading volume, to close at $28.66 per share on June 7, 2023. To obtain additional information, go to:
https://zlk.com/pslra-1/zai-lab-lawsuit-submission-form?wire=4
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, Suite #427
New York, NY 10006
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
SOURCE Levi & Korsinsky, LLP
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