Clovis Oncology (CLVS), its chief executive, and a former chief financial officer will collectively pay more than $20 million to settle civil charges of misleading investors about a lung cancer drug that was being developed.
During a four-month period beginning in July 2015, the drug maker and chief executive Patrick Mahaffy made various misleading statements about the effectiveness of its rociletinib drug compared with another treatment. Specifically, investor presentations, press releases, and regulatory filings boasted the drug demonstrated a 60 percent patient response rate.
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