Novo Nordisk Contests Shareholders’ $1.75-Billion Lawsuit for US Insulin Sales DisclosuresBy
Novo Nordisk reports that a securities lawsuit has been filed against the company in Denmark by a number of shareholders regarding disclosures of sales of the company’s insulin products in the US.
The claim is for a total amount of DKK 11.8 billion ($1.75 billion) based on the trading and holding of shares in Novo Nordisk A/S during the period of February 3, 2015 to February 2, 2017.
“The lawsuit alleges that Novo Nordisk made misleading statements and did not make appropriate disclosures regarding its sales of insulin products in the US,” said Novo Nordisk in an August 16, 2019 statement. “The lawsuit contains broadly similar allegations to those of the previously announced securities class-action lawsuit filed in the US in August 2017 on behalf of all purchasers of Novo Nordisk American Depository Receipts.”
Novo Nordisk says it “disagrees with the allegations and is prepared to defend the company in this matter,” in its statement.
Source: Novo Nordisk