SEC on July 3, 1984, that Novo did not feel that in-house enzyme manufacture by Archer-Daniels Midland ("ADM"), a major enzyme customer, would "have a material adverse impact on the financial position of the company or the results of its operations."
2. Another statement in the 1983 Form 20-F, to the effect that Novo's pharmaceutical division sales increased by 28% in 1983 and 35% in 1982, because of increased insulin sales of 20% and 40% in those two years.
3. A statement attributed to Mads Ovilsen, Novo's president, predicting that his company "would grow" 20% to 25% annually during the next five years, which appeared in the Wall Street Journal on November 15, 1983.[4]
4. An August 23, 1984 press release reporting Novo's revenues and earnings for the first six monthsof 1984 and predicting improvement in sales and earnings for the second half of 1984.
5. An August 24, 1984 press release stating that Novo "expected full-year sales to increase by 20% over 1983."
6. A September 26, 1984 statement in Novo's SEC Form 6-K that "current indications are that the development of sales and earnings during the second half of the year will improve in comparison with the first half."
In support of his contention that these statements were fraudulent, plaintiff provides excerpts from Novo's October 19, 1984 SEC Form 6-K. The Form 6-K report stated that Novo's performance was not up to par with the company's projections, and explained that it had assumed in its projections that it would receive approval from the Food and Drug Administration ("FDA") for