LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Novartis AG (“Novartis” or the “Company”) (NYSE: NVS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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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’ stock fell $2.06, or 2.3%, to close at $86.21 on May 5, 2022, thereby injuring investors.
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’ stock fell sharply during intraday trading on May 31, 2022, thereby injuring investors further.
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If you purchased Novartis securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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