Novartis AG (NVS)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Novartis AG ("Novartis" or "the Company") (NYSE: NVS). Investors who purchased Novartis securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Novartis and certain of its officers and/or directors have violated federal securities laws.
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.” 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.
If you are aware of any facts relating to this investigation or purchased Novartis shares you can assist this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.