Important Notice for Novo Nordisk A/S Shareholders
New York, NY – The Gross Law Firm, a leading national shareholder rights law firm, announces that a class action lawsuit has been filed against Novo Nordisk A/S (NVO) in the United States District Court for the Southern District of New York. This action is brought on behalf of all persons or entities who purchased or otherwise acquired Novo Nordisk A/S securities between February 2, 2021, and October 25, 2022, inclusive (the “Class Period”).
Background
Novo Nordisk A/S is a Danish pharmaceutical company that produces and sells pharmaceutical products and services. The company’s portfolio includes insulins for diabetes care, hemophilia care, growth hormone therapy, and other specialty care products. Novo Nordisk A/S is headquartered in Bagsvaerd, Denmark, and is listed on the New York Stock Exchange under the symbol “NVO.”
Class Action Allegations
The complaint alleges that during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- Defendants had failed to report certain safety data regarding their diabetes drug, Ozempic, to the U.S. Food and Drug Administration (“FDA”);
- The undisclosed safety data related to pancreatic and thyroid cancer risks associated with Ozempic;
- Defendants continued to promote Ozempic for off-label uses, despite knowing about these risks;
- Defendants’ financial statements, as filed with the SEC, were false and misleading as they failed to reflect these risks and the resulting potential regulatory action.
Shareholders’ Rights
If you are a member of the class, you may, no later than February 20, 2025, request the Court appoint The Gross Law Firm as lead plaintiff for the proposed class. The lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
Effect on Individual Shareholders
If the allegations in the lawsuit are proven, shareholders may be able to recover damages for their financial losses. The value of Novo Nordisk A/S shares dropped significantly following the disclosure of the safety data, causing financial harm to those who purchased the shares during the Class Period. Shareholders who wish to discuss their legal rights and options can contact The Gross Law Firm.
Effect on the World
The lawsuit against Novo Nordisk A/S highlights the importance of transparency in pharmaceutical companies’ reporting practices. The failure to disclose safety concerns related to a drug can have serious consequences for public health and investor trust. As a result, regulatory bodies, such as the FDA, have increased their scrutiny of pharmaceutical companies’ reporting practices.
Conclusion
The Gross Law Firm encourages all Novo Nordisk A/S shareholders who purchased shares during the Class Period to contact the firm regarding potential lead plaintiff appointment. If you wish to learn more about this class action, or if you have any questions, please contact The Gross Law Firm by telephone at (888) 228-9133, or by email at [email protected]. Shareholders may also visit the firm’s website at www.grosslawfirm.com/cases/securities/novo-nordisk-a-s/ for more information.
This press release may constitute Attorney Advertising in some jurisdictions under the applicable law and ethical rules. The material contained in this press release is provided for informational purposes only, and it is not intended to constitute legal advice or a solicitation to buy or sell any security or to engage in any other transaction.
