The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of NovoCure Limited (NVCR) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired NovoCure Limited (“NovoCure” or the “Company”) (NASDAQ: NVCR) securities between January 5, 2023 and June 5, 2023, inclusive (the “Class Period”). NovoCure investors have until August 18, 2023 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On June 6, 2023, NovoCure announced “positive results” from the clinical trial evaluating its LUNAR Tumor Treating Fields therapy in treating non-small cell lung cancer. However, analysts noted that the therapy was tested primarily in patients who worsened following chemotherapy, which is no longer the standard of care, and that most patients first receive immune checkpoint inhibitors, sparking concern over whether the Company’s data reflects realistic results.

On this news, NovoCure’s stock price fell $35.51, or 43%, to close at $47.00 per share on June 6, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) 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; (2) 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; (3) the foregoing, once revealed, was reasonably likely to have a material negative impact on the Company’s financial condition; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased NovoCure securities during the Class Period, you may move the Court no later than August 18, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased NovoCure securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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