Securities fraud class action litigation has been filed on behalf of investors in Novo Nordisk A/S (“Novo Nordisk” or the “Company”) (NYSE: NVO). If you purchased or otherwise acquired the securities of Novo Nordisk between February 5, 2015 and October 27, 2016, inclusive (the “Class Period”), you may move the court for appointment as lead plaintiff by no later than March 13, 2017.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
Novo Nordisk investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
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. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.