In early 2023, NovoCure announced top line results from its pivotal patients treated with TTFields and standard therapies who demonstrated a statistically significant and clinically meaningful improvement in overall survival over standard therapies alone. NovoCure asserted that the LUNAR study also showed a statistically significant and clinically meaningful improvement in overall survival when patients were treated with TTFields. Throughout the Class Period, NovoCure continued to make positive statements about the LUNAR study results.

Then, on June 5, 2023, when it made its public statements about the LUNAR study results, the public discovered that the LUNAR study results were materially worse than represented and, more significantly, the data revealed that the control arm of the study did not adequately represent current standard of care conditions, thereby making the data less significant in terms of proof of efficacy.

Following this news, NovoCure’s stock price dropped from a closing price of $82.51 to a June 6, 2023 closing price of $47.00 —a loss of $35.51 per share, or 43% of its value.

Investors who purchased or acquired NovoCure securities between January 5, 2023 and June 5, 2023, may no later than August 18, 2023, seek to be appointed as a lead plaintiff representative of the class.