Full Press Release Details
NEW YORK, July 10, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of investors of NovoCure Limited (“NovoCure” or the “Company”) (NASDAQ: NVCR) securities between January 5, 2023 and June 5, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired NovoCure securities during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than August 18, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
On January 5, 2023, defendants announced topline results from the Company’s LUNAR Study, including that the study met its primary endpoint, demonstrating a statistically significant and clinically meaningful improvement in overall survival over standard therapies alone. Additionally, NovoCure allegedly represented that “[t]he LUNAR Study also showed a statistically significant and clinically meaningful improvement in overall survival when patients were treated with TTFields and immune checkpoint inhibitors alone.” According to the complaint, the Company concealed the true nature of the LUNAR study results because “the overwhelmingly positive way that the Company described [the results] was only a half-truth at best.”
According to the complaint, on June 6, 2023, the long-anticipated presentation of NovoCure’s LUNAR study’s full results were presented at the American Society of Clinical Oncology’s annual meeting. While the results were positive on the whole, allegedly there was an underlying problem with the data set utilized in the study because a relatively small percentage of study participants had been receiving standard of care therapy (i.e., immune checkpoint inhibitors), thereby rendering the study’s results unreliable in terms of demonstrating clinical efficacy.
Following this news, NovoCure’s stock price dropped $35.51 per share, or 43%, to close at $47 per share on June 6, 2023.
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