Full Press Release Details
Did you lose money on investments in NovoCure Limited? If so, please visit NovoCure Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, June 20, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of NovoCure Limited (“NovoCure” or the “Company”) (NASDAQ: NVCR) between January 5, 2023 and June 5, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers.
According to the complaint, NovoCure is a global oncology company with a proprietary platform technology called Tumor Treating Fields (“TTFields”), which are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. One of NovoCure’s key priorities has been to drive commercial adoption of Optune and Optune Lua, the Company’s commercial TTFields devices, and to advance clinical and product development programs intended to extend overall survival in some of the most aggressive forms of cancer.
NovoCure has asserted that the physical mechanisms of action behind TTFields therapy may be broadly applicable to solid tumor cancers. NovoCure conducted a scientific study evaluating the use of TTFields in the treatment of non-small cell lung cancer (“NSCLC”) together with standard therapies, called LUNAR.
On January 5, 2023, Defendants announced topline results from the Company’s LUNAR Study. The announcement disclosed positive data but concealed negative data. The market did not discover this negative data until the Company revealed it during a presentation at the 2023 ASCO Annual Meeting five months later.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Among other things, Defendants failed to disclose to investors that the Company concealed the full truth about the LUNAR study results.
On June 5, 2023, after making numerous statements assuring investors that the LUNAR Study produced unqualified positive results, the Company revealed additional information that undermined its previous reports, rendering the data unreliable.
On this news, the price of NovoCure stock dropped $35.51 per share, or over 43%, to close at $47 per share on June 6, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than August 18, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired NovoCure securities, and/or would like to discuss your legal rights and options please visit NovoCure Limited Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Bernstein Liebhard LLP
Tags
class action lawsuit