LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Novartis AG (“Novartis” or “the Company”) (NYSE: NVS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Novartis was the subject of an FDA statement issued on August 6, 2019. According to the FDA, the Company had submitted manipulated data for its biologics license application (“BLA”) for its gene therapy drug, Zolgensma. The FDA also stated that Novartis “became aware of the issue of the data manipulation that created inaccuracies in their BLA before the FDA approved the product, yet did not inform the FDA until after the product was approved.” Based on this news, shares of Novartis fell almost 3% on the same day.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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