PLEASE NOTE: The Class Action Settlement has been Approved by the Court on July 13, 2022.
The information contained on this website is only a summary of the information presented in more detail in the Notice of (I) Proposed Settlement and Plan of Allocation; (II) Settlement Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses. Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
The Notice relates to the approved settlement of claims in a securities class action (the “Action”) brought by Court-appointed lead plaintiffs and class representatives Lehigh County Employees’ Retirement System, Oklahoma Firefighters Pension and Retirement System, Boston Retirement System, Employees’ Pension Plan of the City of Clearwater, and Central States, Southeast and Southwest Areas Pension Fund (collectively, “Lead Plaintiffs”). The Action alleges, among other things, that defendants Novo Nordisk and Lars Rebien Sørensen, Jesper Brandgaard, and Jakob Riis (collectively, the “Individual Defendants,” and together with Novo Nordisk, “Defendants”) violated the federal securities laws by making false and misleading statements concerning Novo Nordisk’s business and financial results during the Class Period. Defendants deny all of Lead Plaintiffs' allegations and maintain that they have valid defenses to all of Lead Plaintiffs' claims.
Lead Plaintiffs and Defendants have reached an approved Settlement of the Action for a total of $100,000,000 in cash (the “Settlement”). On July 13, 2022, the Court held a hearing to consider final approval of the Settlement and related matters. On July 13, 2022, the Court entered a final Judgment approving the Settlement and Orders approving the Settlement, Plan of Allocation and Awarding Attorneys’ Fees and Litigation Expenses. If you are a Class Member, you are subject to the Settlement. The Class is defined as:
All persons or entities who purchased the American Depositary 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 Nordisk; (ii) any directors and officers of Novo Nordisk during the Class Period and members of their immediate families; (iii) the subsidiaries, parents and affiliates of Novo Nordisk; (iv) any firm, trust, corporation or other entity in which Novo Nordisk has or had a controlling interest; and (v) the legal representatives, heirs, successors and assigns of any such excluded persons or entities. Also excluded from the class are all persons and entities who excluded themselves by submitting a request for exclusion from the class pursuant to the Class Notice. A list of all persons and entities who submitted a request for exclusion from the Class pursuant to the Class Notice can be found on the Important Documents page of this website.
Please read the Notice to fully understand your rights and options. Copies of the Notice and Claim Form can be found in the menu at the top of this page.
Following the Court’s ruling denying Defendants’ motion to dismiss, the parties entered discovery. On January 31, 2020, the Court issued an order certifying the Class as defined above. On June 28, 2021, the case was reassigned to Judge Zahid N. Quraishi.
By July 12, 2021, Defendants’ motion for summary judgement was fully briefed. On March 8, 2022, the Court entered a Preliminary Order Approving Settlement and Providing for Notice. On May 23, 2022, Lead Counsel filed a Notice of Motion and Motion for Final Approval of Settlement and Approval of Plan of Allocation and a Notice of Motion and Motion for Attorneys’ Fees and Litigation Expenses, and Awards to Lead Plaintiffs. On July 13, 2022, the Court entered an Order and Final Judgment Approving Class Action Settlement and an Order Approving Plan of Allocation.
Pursuant to the Notice, the Court-appointed claims administrator commenced with the claims administration which is now completed. On October 30, 2023, Lead Counsel filed a Motion for Approval of Distribution Plan for the disbursement of the net settlement fund which is currently pending before the Court. Once the Court approves the disbursement of funds, the net settlement fund will be distributed to Court-approved claimants within 4 – 6 weeks.
Payments to eligible claimants will be made after the completion of all claims processing. Please be patient, as this process will take some time to complete.
| YOUR LEGAL RIGHTS AND OPTIONS IN THE SETTLEMENT: |
| SUBMIT A CLAIM FORM POSTMARKED (IF MAILED), OR ONLINE, NO LATER THAN JULY 27, 2022. |
This is the only way to be eligible to receive a payment from the Settlement Fund. If you are a Class Member, you will be bound by the Settlement as approved by the Court and you will give up any Released Plaintiffs’ Claims (as defined in paragraph 34 of the Notice) that you have against Defendants and the other Defendants’ Releasees (as defined in paragraph 35 of the Notice), so it is in your interest to submit a Claim Form. |
| DO NOTHING |
If you are a member of the Class and you do not submit a valid Claim Form, you will not be eligible to receive any payment from the Settlement Fund. You will, however, remain a member of the Class, which means that you give up your right to sue about the claims that are resolved by the Settlement and you will be bound by any judgments or orders entered by the Court in the Action. |
How do I obtain more information?
Detailed information about the Settlement is contained in the Notice, a copy of which can be found in the menu at the top of this page. Additional information can also be obtained by contacting the Claims 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.
© JND Legal Administration. All rights reserved.
