NEW
YORK, June 12, 2023 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders of Zai
Lab Limited:
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.
Due to the forgoing, The Gross Law Firm is investigating
potential securities fraud claims on behalf of
certain Zai Lab investors. If you incurred a loss on your ZLAB
investment, please contact us using the link below to discuss your
rights.
https://securitiesclasslaw.com/securities/zai-lab-loss-submission-form/?wire=4
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm