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Case Status:    DISMISSED    
On or around 06/11/2012 (Court's order of dismissal)

Filing Date: March 05, 2010

According to a press release dated March 5, 2010, the complaint alleges that, during the Class Period, defendant Palmin made positive statements regarding the pivotal Phase 3 clinical trial of the Company's primary new drug candidate, NOV-002, which was being evaluated as a treatment for advanced non-small cell lung cancer when used in combination with first-line chemotherapy. Defendant Palmin stated, among other things, that the NOV-002 Phase 3 trial had lasted longer than anticipated because patients in the trial were living longer than the Company expected. The complaint further alleges that these statements were materially false and misleading because defendant Palmin knew, or recklessly disregarded, that the unexpected length of the trial could be, and was, in fact, caused by the survival times of the patients in the control arm of the study who did not receive NOV-002.

On February 24, 2010, the Company announced that NOV-002 did not meet its primary endpoint of improvement in overall survival in the Phase 3 trial. Indeed, it was disclosed that the trial's duration was longer than originally anticipated not because of NOV-002's efficacy, but because the patients in the control arm of the trial – who did not receive NOV-002 – lived longer than expected. On this news, shares of the Company's stock declined more than 80%, from a close of $1.65 per share on February 23, 2010, prior to announcement of the results of the NOV-002 Phase 3 trial, to a close of $0.32 per share on February 24, 2010, after announcement of the Phase 3 trial results, on unusually heavy trading volume.

On October 01, 2010, an Order Appointing Lead Plaintiffs and Approving Selection Of Counsel was issued by the Court in this action. On October 22, 2010, an Amended Complaint was filed by the Lead Plaintiffs in this case against the Defendants.

According to the Memorandum and Order signed by Judge Nathaniel M. Gorton on June 23, 2011, the defendants' motion to dismiss the Amended Class Action Complaint (Docket No. 27 ) is allowed and the case is dismissed without prejudice. The civil case is now terminated.

On August 5, 2011 the plaintiffs filed a Second Amended Class Action Complaint against all defendants.

On June 11, 2012, Judge Nathaniel M. Gorton signed the Memorandum and Order granting defendants' motion to dismiss and dismissing this case with prejudice.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NVLT
Company Market: OTC-BB
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Massachusetts
DOCKET #: 10-CV-10394
JUDGE: Hon. Nathaniel M. Gorton
DATE FILED: 03/05/2010
CLASS PERIOD START: 12/14/2009
CLASS PERIOD END: 02/24/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Gilman & Pastor LLP (Old Boston)
    225 Franklin Street, 16th Floor, Gilman & Pastor LLP (Old Boston), MA 02110
    1.888.211.6830 ·
No Document Title Filing Date
COURT: D. Massachusetts
DOCKET #: 10-CV-10394
JUDGE: Hon. Nathaniel M. Gorton
DATE FILED: 10/22/2010
CLASS PERIOD START: 12/14/2009
CLASS PERIOD END: 02/24/2010
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Egleston Law Firm
    360 Furman Street, Suite 443 , Egleston Law Firm, NY 11201
    (646) 227-1700 (646) 227-1701 ·
  2. Gilman & Pastor LLP (Old Boston)
    225 Franklin Street, 16th Floor, Gilman & Pastor LLP (Old Boston), MA 02110
    1.888.211.6830 ·
  3. Rigrodsky & Long, P.A.
    919 N. Market Street, Suite 980, Rigrodsky & Long, P.A., DE 19803
    302.295.5310 302.295.5310 · info@rigrodskylong.com
  4. Rigrodsky & Long, P.A. (Garden City)
    585 Stewart Avenue, Suite 304, Rigrodsky & Long, P.A. (Garden City), NY 11530
    (516) 683-3516 ·
No Document Title Filing Date