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Novo Nordisk (NVO) Hit with Investor Lawsuit Over CagriSema Obesity Drug Hagens Berman
Globe Newswire 24-Feb-2025 5:18 PM
SAN FRANCISCO, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Novo Nordisk A/S (NYSE:NVO) is embroiled in a class-action lawsuit filed by investors who claim they were misled about the future of its experimental obesity treatment, CagriSema.
Hagens Berman urges investors who purchased Novo Nordisk shares and suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge of the trial and its design to contact the firm's attorneys.
The case, filed in the U.S. District Court for the District of New Jersey under the title Moon v. Novo Nordisk A/S, No. 25-cv-00713, alleges that the company and its key executives committed securities violations during the Phase 3 trial of CagriSema, known as REDEFINE-1.
Investors who acquired Novo Nordisk securities between November 2, 2022, and December 19, 2024, allege that the firm painted an overly optimistic picture of CagriSema's potential for achieving significant weight loss of at least 25%. According to the plaintiffs, Novo Nordisk relied on questionable data while glossing over issues with dosage tolerability.
Central to the lawsuit is the claim that the company's "optimistic forecasts" about CagriSema's effectiveness were unfounded. The suit also contends that the study's "flexible protocol," which allowed patients to adjust their dosage, compromised the trial's ability to assess weight loss at the tested dosage accurately. This, the plaintiffs suggest, implies either unexpected tolerability issues that led patients to reduce their doses or a rushed patient selection process that included those not targeting the 25% weight loss goal.
The complaint points to Novo Nordisk's December 20, 2024, announcement of REDEFINE-1's preliminary results. The disclosure indicated that the trial used a flexible dosing protocol and revealed that, after 68 weeks, only 57.3% of CagriSema patients were on the highest dose, compared to 82.5% for cagrilintide and 70.2% for semaglutide, the comparator drugs.
Following the announcement, Novo Nordisk's stock price plunged nearly 18%, according to the lawsuit. The plaintiffs argue that this drop highlights the impact of the alleged misrepresentations on investors.
Hagens Berman is investigating investors' claims.
"We are thoroughly investigating these allegations to determine whether Novo Nordisk intentionally misrepresented trial details and masked significant issues with the drug's tolerability," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Novo Nordisk and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Novo Nordisk case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Novo Nordisk should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new 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, call Reed Kathrein at 844-916-0895 or email NVO@hbsslaw.com.
About Hagens Berman Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
