According to the Complaint, Novo Nordisk A/S (“Novo” or the “Company”) is a healthcare company, focused on the research, development, manufacturing, and distribution of pharmaceutical productions globally. The Company operates in two segments, diabetes and obesity on one arm, and rare diseases on the other. This class action was filed against Novo and two individual Defendants.

During the Class Period, Defendants provided investors with material information concerning the details of, and expectations for, Novo’s phase 3 CagriSema study on obesity, named “REDEFINE-1.” Defendants’ statements included, among other things, significant confidence in Novo’s expectations for the study, in particular a minimum expected 25% average weight loss for obesity patients treated with CagriSema in the REDEFINE-1 study.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements concerning Novo’s REDEFINE-1 Study. The Complaint further alleges that on December 20, 2024, Defendants disclosed information that was directly related to their prior misrepresentations and material omissions concerning Novo’s REDEFINE-1 Study and that this disclosure had the effect of correcting Defendants’ prior false and/or misleading statements which, in turn, caused Novo’s stock price to decline as investors reassessed the risks and benefits of investing in the Company.

On April 9, 2025, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a Consolidated Complaint on July 2.