Novo Nordisk Accused Of Fixing Prices To Hide Sales Slump

Law360, Los Angeles (January 11, 2017, 10:54 PM EST) -- A Pennsylvania retirement fund accused Novo Nordisk A/S of hiding increasingly poor financial results from investors in part by colluding with its competitors to raise prices, according to a proposed class action filed in New Jersey federal court Wednesday.

Lehigh County Employees’ Retirement System said Novo Nordisk executives had been misleadingly rosy in reports to investors holding its American Depositary Receipts — essentially, stock in a non-U.S. company — telling them the company would meet modest sales goals and issuing glowing financial reports when the insulin...
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