Wegovy maker Novo hit with investor class action over revenue forecast cut
The proposed class action lawsuit, opens new tab was filed on Friday in the federal court in New Jersey following a sharp decline in the company's stock price. Investors knocked $70 billion off Novo Nordisk's market value on a single trading day last week.
Novo last week in a statement said it was lowering its 2025 sales and operating profit outlook due to lower growth expectations in the second half in the United States for Wegovy in the obesity market and the drugmaker's Ozempic in the diabetes market.
Novo said its updated sales outlook for Wegovy stemmed from the 'persistent' use of compounded versions of the drug, competition and what it described as slower-than-expected market expansion.
A representative from Novo and an attorney for the plaintiff did not immediately respond to requests for comment on Monday about the investor lawsuit.
The lawsuit was filed on behalf of potentially thousands of investors who purchased Novo's stock between May 7, 2025 and July 28.
The tight supply of Wegovy in the United States in 2022 prompted U.S. regulators to temporarily allow the sale of cheaper, compounded versions of the drug, known chemically as semaglutide. The U.S. Food and Drug Administration in February removed Wegovy from the agency's shortage list.
Novo in June said it was ending a partnership with telehealth company Hims & Hers that began in late April, citing Hims' alleged improper marketing and sales of Wegovy copies.
Novo accused Hims of 'deceptive promotion and selling of illegitimate, knockoff versions of Wegovy that put patient safety at risk.' Hims CEO Andrew Dudum in a response accused Novo management of misleading the public and making anticompetitive demands.
The case is Eric Barta v. Novo Nordisk et al, U.S. District Court, District of New Jersey, No. 2:25-cv-14045.
For plaintiff: Adam Apton of Levi & Korsinsky
For defendants: No appearances yet
Read more:
Novo Nordisk shares dip further as Wegovy gains nearly erased
Hims & Hers hit with investor lawsuits after Novo ends Wegovy partnership
Wegovy maker Novo faces fee demand after losing copycat drug lawsuit
Ozempic copies restricted after US judge denies injunction
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