Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against NovoCure Limited (“NovoCure” or the “Company”) (NASDAQ: NVCR) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired NovoCure securities between January 5, 2023 and June 5, 2023, both dates inclusive (the “Class Period”). Investors have until August 18, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On June 6, 2023, NovoCure issued a press release announcing "positive results" from the Phase 3 LUNAR clinical trial evaluating the use of its Tumor Treating Fields ("TTFields") therapy together with standard therapies for the treatment of non-small cell lung cancer. Despite reporting that patients receiving TTFields combined with standard therapies achieved median overall survival ("OS") of 13.2 months, compared to 9.9 months for patients treated only with standard therapies, analysts noted that the therapy was tested in patients who worsened following chemotherapy, which is no longer the standard of care in lung cancer, and that most patients first receive immune checkpoint inhibitors ("ICIs"). Although the Company stated that there was a "profound OS benefit" with a subgroup of patients who received ICIs, only a few patients (66) were treated with ICIs.
On this news, NovoCure's ordinary share price fell $35.51 per share, or 43.04%, to close at $47.00 per share on June 6, 2023.
The complaint asserts that the defendants engaged in false and/or deceptive statements and/or omitted important information, claiming the following: (1) The Company concealed the true nature of the LUNAR study data, which involved a relatively small percentage of participants who were receiving standard of care therapy; (2) Consequently, the reliability of the data in demonstrating clinical efficacy was significantly compromised; (3) The disclosure of this information had a reasonable likelihood of negatively affecting the Company’s regulatory prospects and overall operations; (4) as a result, the Company’s public statements made during the relevant times were materially false and misleading.
The allegations suggest that the defendants misrepresented the LUNAR study data and its impact, leading to potential negative consequences for the Company’s regulatory prospects and operations.
If you purchased or otherwise acquired NovoCure shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
