Settlement of In re Novo Nordisk Securities Litigation
The parties have reached a settlement of this action, pending in the United States District Court for the District of New Jersey. The settlement provides for the payment of $100,000,000 for the benefit of eligible Class Members. Plaintiffs Central States, Southeast and Southwest Areas Pension Fund, Lehigh County Employees’ Retirement System, Oklahoma Firefighters Pension and Retirement System, Boston Retirement System, and Employees’ Pension Plan of the City of Clearwater alleged Defendants made a series of material misstatements and omissions by, among other things, allegedly misrepresenting and failing to disclose Novo Nordisk’s true exposure to market pressures in the United States that affected the pricing and profitability of Novo Noridsk’s diabetes-drug portfolio, the prospects of Novo Nordisk’s insulin drug Tresiba® to drive Novo Nordisk’s growth, and Novo Nordisk’s ability to meet certain financial targets, which caused Novo Nordisk’s ADRs to allegedly trade at artificially inflated prices during the Class Period. The Amended Complaint further alleged that the price of Novo Nordisk ADRs declined when the relevant truth concerning Defendants’ alleged misrepresentations and omissions was revealed through a series of disclosures, resulting in financial losses to those who purchased Novo Nordisk ADRs at the inflated prices.
The Class consists of all persons or entities who purchased the ADRs of Novo Nordisk 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 the persons and entities listed in Appendix 1 to the Stipulation who requested exclusion from the Class in connection with the Class Notice.
The settlement was approved by the Court on July 13, 2022.
If you have any questions about the settlement or the litigation, please contact the Shareholder Relations Department at 1-800-449-4900.