The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action
On January 11, 2017, an action alleging violation of the federal securities laws was filed against Defendants (Novo, Lars Rebien Sorenson, Jesper Brandgaard and Jakob Riis) in the United States District Court for the District of New Jersey (the "District Court"). The District Court later appointed Central States, Southeast and Southwest Areas Pension Fund, Lehigh County Employees’ Retirement System, Oklahoma Firefighters Pension and Retirement System, Boston Retirement System and the Employees’ Pension Plan of the City of Clearwater as Lead Plaintiffs, and then certified them as the Class Representatives.
Lead Plaintiffs allege in their Consolidated Complaint for Violation of the Federal Securities Laws, filed on August 4, 2017 that Defendants are liable because they materially misled Novo investors in violation of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 by failing to disclose that Novo’s revenue and earnings metrics were inflated as a result of the unsustainable practice of increasing its list prices on its commodity-like insulin drugs and falsely stating that Novo’s products insulated it from the pricing pressures and other risks imposed on other manufacturers, and that its product Tresiba would command premium pricing, which misrepresentations and omissions allegedly caused Novo’s ADRs to trade at artificially inflated prices. Lead Plaintiffs further allege that the Company’s ADR price declined and members of the Class suffered damages when the true facts concerning Defendants’ misrepresentations and omissions about pricing for its insulin products were revealed. Lead Plaintiffs seek to recover money damages for members of the Class. Defendants deny all of Lead Plaintiffs' allegations, and maintain that they have valid defenses to all of Lead Plaintiffs' claims. Defendants moved to dismiss Lead Plaintiffs’ Complaint, and the District Court denied that motion in its entirety on August 16, 2018. Defendants filed an answer to Lead Plaintiffs’ Complaint denying the allegations and asserting multiple defenses. Discovery and other litigation efforts are ongoing. The District Court has not set a trial date.
The Class is defined as:
All persons or entities who purchased the American Depository Receipts of Novo Nordisk A/S between February 3, 2015 and February 2, 2017, inclusive, and who were damaged thereby. Excluded from the Class are: (i) Novo; (ii) any directors and officers of Novo during the Class Period and members of their immediate families; (iii) the subsidiaries, parents and affiliates of Novo; (iv) any firm, trust, corporation or other entity in which Novo has or had a controlling interest; and (v) the legal representatives, heirs, successors and assigns of any such excluded party.
|YOUR LEGAL RIGHTS AND OPTIONS IN THIS LAWSUIT:
||If you decide to stay in the lawsuit as a Class Member, you will be bound by all orders, judgments and decisions of the District Court, whether favorable or unfavorable to the Class. At the end of the case, you may receive money or other benefits as may be awarded as a result of a trial or as a result of a settlement reached between Lead Plaintiffs and Defendants, or you may receive nothing.
|ASK TO BE EXCLUDED
||If you wish to exclude yourself, you must do so on or before October 13, 2020, as described in the Notice. Class Members will not have another opportunity to exclude themselves or otherwise opt out of this Litigation. If you exclude yourself from the Class, you give up your right to receive any money or other benefits awarded in this case, and you will not be bound by any judgments or other orders of the District Court, whether favorable or unfavorable to you and/or the Class. Additionally, if you exclude yourself from the Class, you will keep your rights, if any, to sue Defendants separately in another lawsuit and bring the same legal claims that are part of this lawsuit. If you wish to pursue your own lawsuit, you will need to exclude yourself and hire and pay your own lawyer. If you choose this option, you should be aware that your claims may be time barred. You should seek legal advice to determine if your claims would be barred by the applicable statutes of limitation or repose.
How do I obtain more information?
Detailed information about the Lawsuit is contained in the Notice available for download on the Important Documents page on this website. Additional information can also be obtained by contacting the Administrator by calling toll-free 1-833-674-0167 or emailing info@NovoNordiskSecuritiesLitigation.com or mailing a letter to:
Novo Nordisk Securities Litigation
c/o JND Legal Administration
P.O. Box 91154
Seattle, WA 98111
Inquiries should NOT be directed to the Court or the Clerk of the Court.