Novo Nordisk A/S (NVO) Securities Class Action

The suit, filed in the U.S. District Court for the District of New Jersey and captioned Moon v. Novo Nordisk A/S, No. 25-cv-00713, accuses the company and certain top executives of securities violations related to disclosures about the drug’s Phase 3 trial, dubbed REDEFINE-1.

The plaintiffs, representing investors who purchased Novo Nordisk securities between Nov. 2, 2022, and Dec. 19, 2024, claim the company misrepresented the likelihood of CagriSema achieving at least 25% weight loss in the study. The suit alleges that Novo Nordisk created a “false impression” of reliable data supporting this projection, while downplaying concerns about dosage tolerability.

Specifically, the lawsuit contends that the company’s “repeated optimistic claims” about CagriSema’s potential fell short of reality. It further argues that the trial’s “flexible protocol,” which allowed patients to adjust their dosage, hampered the study’s ability to accurately assess weight loss at the tested dosage. This, the suit suggests, indicates either worse-than-anticipated tolerability, forcing patients to lower their doses, or a rushed patient selection process that included individuals not aiming for the targeted 25% weight loss.

The complaint highlights the company’s December 20, 2024, announcement of headline results from the REDEFINE-1 trial. The disclosure revealed that the study utilized a flexible dosing protocol and that, after 68 weeks, only 57.3% of patients on CagriSema were on the highest dose, compared to 82.5% for cagrilintide and 70.2% for semaglutide, the other drugs being compared.

Following this announcement, Novo Nordisk’s stock price dropped nearly 18%, according to the lawsuit. The plaintiffs argue this decline demonstrates the impact of the alleged misrepresentations on investors.

Shareholder rights firm Hagens Berman is investigating the complaint’s allegations.

FREQUENTLY ASKED QUESTIONS ABOUT THE CASE

What is the NVO investigation about?

We are examining whether Novo Nordisk may have intentionally misled investors about the trial’s design and potential tolerability issues.

WHAT SHOULD I DO?

I worked at NVO. What should I do?

If you were an employee of NVO, you may have valuable information that could be relevant to the investigation. Hagens Berman is one of the nation’s top whistleblower law firms, and has successfully represented many individuals who come forward with information regarding corporate malfeasance. Under the new SEC Whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, contact Reed Kathrein at 844-916-0895 or [email protected].

There are multiple law firms participating, do I need to contact all of them?

No, you do not need to contact all participating law firms. Generally, class-action investigations and lawsuits are consolidated into a single case to streamline the legal process, and attorneys from only a few law firms are selected to serve in a leadership role on the consolidated case. Hagens Berman has a proven track record of being appointed to leadership roles in complex, multidistrict litigation regarding investor fraud and other consumer rights issues, and your claim will be handled by attorneys who have helped secure approximately $325 billion in class-action settlements on behalf of individuals who have suffered due to corporate malfeasance and the wrongdoing of other powerful institutions.

AM I ELIGIBLE?

What is the threshold amount to be eligible? What are “substantial” losses?

The threshold amount and the definition of "substantial" losses may vary depending on a number of factors specific to the case, including the size of the company, market cap, shares outstanding and who holds them and the damages alleged by the fraud. In general, to be eligible to participate in a class-action lawsuit, you must be able to demonstrate that you suffered financial losses as a result of the alleged wrongdoing and that your losses meet the criteria set by the court or law firm. Fill out the form and submit your losses.

CAN I PARTICIPATE?

Am I affected? What do I need to do to participate?

If you were an investor in NVO, you may be affected and eligible to participate in the case. To determine your eligibility and potential involvement, fill out the form and submit your losses.

Can any NVO investor participate?

In most class-action investigations and cases, any investor who meets the eligibility criteria, including purchasing the shares during the relevant period, can participate, regardless of the size of their investment. Fill out the form to find out your rights.

I bought on a non-U.S. Exchange. Can I participate?

No. This investigation only covers shares bought on a U.S. exchange, i.e. NASDAQ or NYSE. Fill out the form to find out your rights.

Am I included if I still hold my shares, or do I need to sell to participate?

Participation is based on purchasing shares during the relevant period, rather than your current holdings. Accordingly, you do not need to sell to participate. Fill out the form to find out your rights.