Novo Nordisk sued for $1.8 billion in a market manipulation scandal

Novo Nordisk

Denmark’s insulin maker, Novo Nordisk is now embroiled in a legal battle with its investors over allegation of market manipulation.

According to a report by Borsen, a local newspaper, investors of Novo Nordisk are demanding for about 11.8 billion Danish crowns which is about $1.8 billion in compensation.

Reuters cited the lawyer to the investors who said:

“Novo has provided and disseminated inaccurate, incomplete and misleading information and failed to disclose internal knowledge and this constitutes price manipulation.”

The Danish drugmaker company was accused of over-estimating the sales for its U.S. insulin-business.

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