NVO INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Novo Nordisk A/S
February 14 2017 - 1:58PM
Business Wire
The law firm of 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. News have 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.”
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20170214006228/en/
Contact for Media Inquiries OnlyLieff Cabraser Heimann
& Bernstein, LLPSharon M. Lee, 1-800-541-7358
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