Investors canContactthe toll-free law firm to learn more about recovering their losses
LOS ANGELES, June 01, 2022 (GLOBE NEWSWIRE) — Portnoy Law Firm advises investors of Novartis AG (“Novartis” or the “Company”) (NYSE: NVS) that the firm has opened an investigation into possible fraud in securities and may file a class action on behalf of investors. Novartis investors who have lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone at 844-767-8529 or by email: [email protected], to discuss their legal rights, or click here to join the case via www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss options for investors to pursue claims to recover their losses.
On May 5, 2022, Novartis “announced a temporary, voluntary suspension of production at its therapeutic radioligand manufacturing sites in Ivrea, Italy and Millburn, New Jersey.” The production shutdown was to “address potential quality issues identified in its manufacturing process.”
On this news, Novartis stock fell $2.06, or 2.3%, to close at $86.21 on May 5, 2022, hurting investors.
Then, on May 31, 2022, STAT News published an article titled “Documents show problems at Novartis facilities where production of cancer drugs has been halted.” The article reported that the U.S. Food and Drug Administration cited deficiencies at the company’s New Jersey facilities following a late-2021 inspection, including a “concern that Novartis does not did not inform customers of the batches of Lutathera… which were distributed despite not meeting quality specifications.”
On this news, Novartis stock fell sharply in intraday trading on May 31, 2022, further hurting investors.
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