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Securities lawsuit filed in Denmark against Novo Nordisk

Lars Fruergaard Joergensen

Novo Nordisk A/S has been informed that a securities lawsuit has been filed against the company in Denmark.

The lawsuit is filed by a number of shareholders. The claim is for a total amount of DKK 11,785,192,218 ($1.75 billion) based on their trading and holding of shares in Novo Nordisk A/S during the period 3 February 2015 to 2 February 2017.

Not make appropriate disclosures regarding its sales of insulin products in the USA

Filed in the Danish district court of Glostrup, the lawsuit alleges Novo Nordisk did not make “appropriate disclosures regarding its sales of insulin products in the USA”, Novo said. “The lawsuit appears to contain broadly similar allegations to those of the previously announced securities class-action lawsuit filed in the USA in 2017 on behalf of all purchasers of Novo Nordisk American Depository Receipts (ADRs).”

Novo Nordisk disagrees with the allegations and is prepared to defend the company in this matter.

Lawyer Thomas Ryhl, representing about 260 pension funds behind the lawsuit, said Novo failed to tell the entire truth behind the company’s increased revenue in the United States. “They did, but they did it too late. What they said in 2016, they should have said already in 2014 and 2015,” he said to Reuters.

Photo of Lars Fruergaard Jørgensen, CEO, Novo Nordisk