Alva Review-Courier -

Biopharmaceutical company fined for misleading investors


September 20, 2018

BOULDER, Colo. (AP) — A Colorado-based biopharmaceutical company has been penalized more than $20 million for misleading investors about the efficacy of a lung cancer drug under development before raising $300 million in a public stock offering.

The U.S. Securities and Exchange Commission brought the complaint against Clovis Oncology Inc., of Boulder, and two company executives — CEO Patrick Mahaffy and former chief financial officer Erle Mast, the Daily Camera newspaper reports .

In a complaint filed in U.S. District Court in Denver, federal regulators said Clovis Oncology reported in...

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