Litigation Trends—securities Litigation In A Danish Context

Publicly listed companies face increasing exposure to litigation by shareholders alleging that a failure to disclose inside information distorted the price at which they traded their shares, causing economic loss. 

Evidence of this is readily available in the U.S., where Novo Nordisk is currently facing multiple class action lawsuits from investors alleging disclosure failures relating to GLP-1 products and the weight-loss drug CagriSema.¹ Meanwhile, changes to the disclosure obligation in the EU took effect on June 5, 2026, raising pressing questions of the future of securities litigation in the secondary market. 

This article considers the legal framework for secondary market shareholder claims across three jurisdictions, i.e., in Denmark, the United States, and the Netherlands. The analysis suggests that while Danish tort law generally permits individual shareholder claims to be brought, the procedural framework, in particular the absence of a binding collective settlement