Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Novo Nordisk A/S (“Novo Nordisk” or the “Company”) (NYSE: NVO) between February 5, 2015 and October 27, 2016, inclusive (the “Class Period”).
If you purchased or acquired the securities of Novo Nordisk during the Class Period, you may move the Court for appointment as lead plaintiff by no later than March 13, 2017. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Novo Nordisk investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Novo Nordisk Securities Class Litigation
The action alleges that Novo Nordisk, a Danish pharmaceutical company, misrepresented and/or failed to disclose that the Company expected revenue from its insulin drug to dwindle given increased pricing pressures from pharmacy benefit managers (“PBMs”), and that its reported revenues were false and misleading in that they were inflated through the collusive price fixing of the Company’s insulin drugs.
On August 2, 2016, Express Scripts Holding Co. (“Express Scripts”), the largest PBM in the U.S., announced that it was placing Novo Nordisk’s Victoza, a diabetes treatment, on the exclusion list for at least the second consecutive year, likely because of the Company’s price inflation of the drug. In contrast, several of Novo Nordisk’s competitors were placed on the preferred list. On this news, the Company’s American Depositary Receipt (“ADR”) price declined 3.2% to close at $55.20 per share.
On August 5, 2016, Novo Nordisk disclosed disappointing earnings for the second quarter of 2016 and narrowed its 2016 profit forecast due to significant pricing pressures on its drug products. On this news, the Company’s ADR price fell 14.6% to close at $47.13 per share.
On October 28, 2016, Novo Nordisk announced its third quarter of 2016 financial results and again cut its profit forecast for 2016 profit and narrowed its sales and operating profit outlook. The Company also disclosed that it had experienced significant pricing pressure on its insulin products since February 2016. The same day, Novo Nordisk announced that it had received a Civil Investigative Demand from the U.S. Attorney’s Office for the Southern District of New York seeking information relating to Novo Nordisk’s contracts and business relationships with PBMs relating to its insulin products NovoLog, Novolin, and Levemir. On this news, the Company’s ADR price dropped 13% to close at $35.54 per share.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. Newshave named Lieff Cabraser as a “Law Firm of the Year” from 2012-2016, and in 2016, Law360 selected Lieff Cabraser for its inaugural list of the Top 50 Law Firms Nationwide for Litigation and Benchmark Litigation named our firm to its list of the “Top 10 Plaintiff Firms in America.”
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Source/Contact for Media Inquiries Only
Sharon M. Lee
Lieff Cabraser Heimann & Bernstein, LLP