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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors Novartis AG - NVS

June 13, 2022 GMT

NEW YORK, June 13, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Novartis AG (“Novartis” or the “Company”) (NYSE: NVS).   Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.

The investigation concerns whether Novartis and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On May 5, 2022, Novartis “announced a temporary, voluntary suspension of production at its radioligand therapy production sites in Ivrea, Italy and Millburn, New Jersey.”  The production halt was to “address potential quality issues identified in its manufacturing process.”  On this news, Novartis’s American Depositary Receipt (“ADR”) price fell $2.06, or 2.3%, to close at $86.21 per ADR on May 5, 2022.  Then, on May 31, 2022, STAT News published an article entitled “Documents show problems at Novartis facility where cancer drug production was halted.”  The article reported that the U.S. Food and Drug Administration had cited deficiencies at the Company’s New Jersey facility following an inspection in late 2021, including a “concern that Novartis failed to notify customers about batches of Lutathera . . . that were distributed despite failing to meet quality specifications.” 

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On this news, Novartis’s ADR price fell $1.82 per ADR, or 1.99%, over the following two trading days, closing at $89.64 per ADR on June 1, 2022.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com

CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980