LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who 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 suffered a loss on your NovoCure investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/NovoCure-Limited-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
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.
If you purchased or otherwise acquired 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.