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Novo Nordisk settles U.S. securities class action suit

By Brian Buntz | September 24, 2021

Novo NordiskNovo Nordisk (NYSE:NVO) has agreed in principle to settle securities class action litigation in the Federal District Court of New Jersey. The Bagsværd, Denmark–based company would pay $100 million in the settlement.

That amount includes plaintiffs’ attorneys’ fees, expenses and settlement costs.

The lawsuit alleged that the company made misleading statements regarding the price of its insulin.

The agreement contains no admission of liability or wrongdoing. The company stressed in a statement that it believes the “plaintiffs’ claims are without any merit.”

“While we are confident in the facts and merits of our position, we believe that resolving this matter is the right business decision for Novo Nordisk and our shareholders,” said Tomas Haagen, general counsel at Novo Nordisk.

Purchasers of American Depository Receipts initially filed the lawsuit in 2017.

Novo Nordisk, along with Eli Lilly and Sanofi-Aventis, has faced litigation over their insulin pricing. In July, U.S. District Judge Brian Martinotti for the District of New Jersey dismissed antitrust claims targeting the three companies but denied motions to dismiss claims under the Racketeer Influenced and Corrupt Organizations Act.

The company has stressed its commitment to fair insulin pricing in recent years. In June, Walmart announced that its partnership with Novo Nordisk enabled it to launch the first private label analog insulin.

About The Author

Brian Buntz

The pharma and biotech editor of WTWH Media, Brian is a veteran journalist with more than 15 years of experience covering an array of life science topics, including clinical trials, drug discovery and development and medical devices. Before coming to WTWH, he served as content director focused on connected devices at Informa. In addition, Brian covered the medical device sector for 10 years at UBM. At Qmed, he overhauled the brand’s news coverage and helped to grow the site’s traffic volume dramatically. He had previously held managing editor roles on two of the company’s medical device technology publications. Connect with him on LinkedIn or email at bbuntz@wtwhmedia.com.

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