PR Newswire
NEW YORK, June 26, 2023
NEW YORK, June 26, 2023 /PRNewswire/ -- Attention Zai Lab Limited ("Zai Lab") (NASDAQ: ZLAB) shareholders:
The Law Offices of Vincent Wong announce that an investigation has commenced into Zai Lab and certain of its officers and directors regarding potential securities fraud. The investigation concerns, in part, the below:
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.
If you suffered a loss on your investment in Zai Lab, contact us about potential recovery by using the link below. There is no cost or obligation to you.
https://www.wongesq.com/pslra-1/zai-lab-class-action-submission-form?prid=41268&wire=4
Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
E-Mail: [email protected]
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SOURCE The Law Offices of Vincent Wong
