Law Offices of Howard G. Smith reminds investors of the upcoming August 18, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased NovoCure Limited (“NovoCure” or the “Company”) (NASDAQ: NVCR) securities between January 5, 2023 and June 5, 2023, inclusive (the “Class Period”).
Investors suffering losses on their NovoCure investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
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 if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
