Philadelphia, Pennsylvania--(Newsfile Corp. - July 6, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against NovoCure Limited ("NovoCure") (NASDAQ: NVCR) on behalf of those who purchased NovoCure securities between January 5, 2023 to June 5, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired NovoCure securities during the Class Period may, no later than August 18, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/novocure/.
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, NovoCure'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.
In early 2023, NovoCure announced top line results from its pivotal patients treated with TTFields and standard therapies who demonstrated a statistically significant and clinically meaningful improvement in overall survival over standard therapies alone. NovoCure asserted that the LUNAR study also showed a statistically significant and clinically meaningful improvement in overall survival when patients were treated with TTFields. Throughout the Class Period, NovoCure continued to make positive statements about the LUNAR study results.
Then, on June 5, 2023, when it made its public statements about the LUNAR study results, the public discovered that the LUNAR study results were materially worse than represented and, more significantly, the data revealed that the control arm of the study did not adequately represent current standard of care conditions, thereby making the data less significant in terms of proof of efficacy.
Following this news, NovoCure's stock price dropped from a closing price of $82.51 to a June 6, 2023 closing price of $47.00 -a loss of $35.51 per share, or 43% of its value.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding NovoCure is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Toronto has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172513
