The SEC said today that Clovis Oncology (NSDQ:CLVS), its CEO and former CFO will pay more than $20 million to settle charges that the company misled investors about its experimental lung cancer drug.
The SEC alleged that beginning in July 2015 and over the course of a four-month period, CEO Patrick Mahaffy and his team at Clovis boasted that their investigational lung cancer drug sported a 60% efficacy rate. The company went on to raise $298 million in a public stock offering.
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