Two class action lawsuits filed against Novocure (NSDQ:NVCR) and some of its directors and executives in January were dismissed after the court established that it lacked personal jurisdiction over any of the defendants.
In mid-January, Joseph Donahue, Stephen Rosen and Susan Rosen filed two putative class action suits in a New Hampshire court against Novocure, its directors, some of its officers and the underwriters of its October 2015 initial public offering. The plaintiffs alleged that the company misstated or omitted information in Novocure’s initial public offering materials, violating federal securities law.
Novocure denied the complaints and promised to defend the lawsuits vigorously. The suits were later consolidated and Novocure moved to dismiss the case on multiple grounds. Earlier this week, a judge granted the dismissal.
Also this week, the Japanese Ministry of Health, Labour and Welfare agreed to reimburse for Novocure’s Optune as a treatment for newly-diagnosed glioblastoma.
The Optune device delivers low-intensity, intermediate frequency, alternating electric fields, called “Tumor Treating Fields,” to inhibit cancer cell replication. As a treatment for newly-diagnosed glioblastoma, Novocure combines its device with the anti-cancer drug temozolomide.
NVCR shares were trading at $20.30 apiece today in mid-morning activity, up +1.5%.
