Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of NovoCure Limited (NVCR) Investors
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired NovoCure Limited (“NovoCure” or the “Company”) (NASDAQ: NVCR) securities during the period from January 5, 2023 through June 5, 2023 (the “Class Period”). Investors have until August 18, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Novocure is an oncology company.
On June 6, 2023, NovoCure’s LUNAR study’s full results were presented at the American Society of Clinical Oncology’s annual meeting. To inform the market what was being presented at the meeting, Defendants issued a press release about its results of the LUNAR study. While the results were positive on the whole, there was an underlying problem with the data set utilized in the study. The Motley Fool contributor Dan Caplinger summarized the problem regarding NovoCure’s press release by explaining that “[d]espite showing an even greater survival advantage of eight months, the trial's relatively shallow look at that subgroup made some question the weight of the evidence . . . .” On this news, the price of NovoCure’s shares declined by $35.51 per share, or approximately 43.04%, from $82.51 per share to close at $47.00 on June 6, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) the Company concealed the true nature of the LUNAR study results—that the overwhelmingly positive way that the Company described them was only a half-truth at best given that the study failed to evaluate the efficacy of the drug against a population of patients that had been receiving standard of care treatment; (ii) as a result, the Company’s business prospects, effectiveness of its products, and ultimately the likelihood of FDA approval were materially misleading during the Class Period; and (iii) the foregoing, once revealed, was reasonably likely to have a material negative impact on the Company’s financial condition.
If you purchased or otherwise acquired NovoCure securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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