NovoCure, a medical technology company, is currently facing a class-action lawsuit for alleged violations of securities law. The lawsuit claims that NovoCure and certain executives failed to disclose crucial information during a specific period, thereby violating federal securities laws.
The allegations stem from the Phase 3 LUNAR clinical trial conducted by NovoCure, which evaluated the efficacy of its Tumor Treating Fields therapy in combination with standard therapies for the treatment of non-small cell lung cancer. On June 6, 2023, the company announced positive results from the trial. However, analysts noted that the therapy was tested in patients who had worsened following chemotherapy, which is no longer the standard treatment for lung cancer. They also pointed out that most patients first receive immune checkpoint inhibitors. As a result of these observations, NovoCure’s share price plummeted by 43.04%, closing at $47.00 per share on June 6, 2023.
The class-action lawsuit is currently pending in the United States District Court for the Southern District of New York under the case name Bazzelle v. NovoCure Limited, et al., No. 23-cv-5146. Shareholders who purchased NovoCure securities between January 5, 2023, and June 5, 2023, have until August 18, 2023, to file lead plaintiff applications.
To assist affected investors, ClaimsFiler, a shareholder information service, is reminding investors of the upcoming deadline. Investors who are interested in participating in the securities class-action lawsuit against NovoCure can visit the ClaimsFiler website at https://claimsfiler.com/cases/nasdaq-nvcr/ or call their toll-free number at (844) 367-9658. The law firm Kahn Swick & Foti, LLC is also available to discuss legal options regarding the case.
ClaimsFiler’s mission is to provide information that helps retail investors recover their share of billions of dollars from securities class-action settlements. The website allows investors to register for free access to information and settlement websites for various securities class-action cases. Additionally, they can upload their portfolio transactional data to receive notifications about relevant securities cases in which they may have a financial interest. Investors can also submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.
