MedWatch

Lawsuit against Novo directors moves forward: Pension funds bring investors into battle

The US pension funds that have sued Novo Nordisk and a number of former Novo directors for market manipulation have been granted permission to formally represent all of the relevant investors in the case.

Jesper Brandgaard, former financial director at Novo Nordisk, is one of the people being sued in a US class action suit about insider trading. | Foto: Joachim Adrian / Politiken / Ritzau Scanpix

The US court case where five pension funds have sued Novo Nordisk and former Novo executives Lars Rebien Sørensen, Jesper Brandgaard and Jakob Riis for market manipulation is slowly but surely moving forward.

The pension funds, led by Pennsylvania-based Lehigh County Employees' Retirement System, believe that Novo Nordisk misled investors and engaged in market manipulation by downplaying the price squeeze which was brewing on the US market in 2015, and is a well-known market condition on the insulin market today.

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