NEW YORK, Jan. 13, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Novo Nordisk A/S ("Novo Nordisk" or the "Company") (NYSE: NVO). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Novo Nordisk and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 5, 2016, Novo Nordisk announced disappointing earnings for the second quarter of 2016, narrowing its forecasts for sales growth and reporting the loss of a contract with a large U.S. pharmacy benefit manager ("PBM"). On this news, Novo Nordisk's American Depositary Receipt ("ADR") price fell $5.33, or 9.66%, to close at $49.87 on August 5, 2016.
On October 28, 2016, Novo Nordisk announced its second consecutive quarter of disappointing earnings and cut its long-term profit-growth forecasts by 50%, specifically citing the increased pricing pressures on diabetes drugs in the United States. In addition, the Company also announced receipt of a Civil Investigative Demand from the U.S. Attorney's Office for the Southern District of New York seeking information relating to Novo Nordisk's contracts and business relationships with PBMs concerning certain of the Company's insulin products. On this news, Novo Nordisk's ADR price fell $5.28, or 12.9%, to close at $35.66 on October 28, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP