Novo Nordisk Reported To Police For Violation Of Disclosure Obligation

(RTTNews) - The Danish Financial Supervisory Authority today reported Insulin maker Novo Nordisk A/S (NVO) to the police for violating its obligation under Section 27 (1) of the Danish Securities Trading Act to disclose inside information at the earliest possible. The reporting is with respect to the company's receipt of a Complete Response Letter from the US Food and Drug Administration or FDA in the evening of Friday 8 February 2013. The FDA, in the letter, said that approvals for the insulin products Tresiba and Ryzodeg could not be granted on the basis given.

The firm published the FDA's decision in a company announcement dated Sunday 10 February following an intensive investigation and evaluation of the implications and impact of the agency's decision. The Danish Financial Supervisory Authority's opinion is that Novo Nordisk should have issued a company announcement already on Friday evening. On the other hand, Novo Nordisk is of the opinion that the company announcement was issued in a timely manner, but acknowledges the decision of the Danish Financial Supervisory Authority and would cooperate with the relevant authorities at the time of investigation.

The company's view is that even if the disclosure obligation could be said to apply already on the Friday evening, it was entitled to delay public disclosure until the implications of the decision had been adequately analysed, which they had been on the Sunday.