Levi & Korsinsky, LLP announces that an ABT class action lawsuit has been filed on behalf of investors who purchased Abbott Laboratories (ABT) common stock between February 19, 2021 and June 8, 2022. For more on the ABT lawsuit please contact us today.
According to the Abbott Laboratories lawsuit, defendants touted the strength of Abbott’s infant formula brands and their contribution to the Company’s sales and revenue growth, despite knowing that the facility that manufactured those products was in flagrant violations of United States Food and Drug Administration (“FDA”) health, safety, and manufacturing regulations. Defendants willfully or recklessly concealed these violations from investors, even though the violations put Abbott’s infant formula business in dire jeopardy and left the Company exposed to a risk of severe regulatory action, including the recall of its products and closure of the Sturgis facility. Indeed, defendants received direct warnings, communications, FDA inspection reports, and consumer complaints identifying in detail the safety and regulatory violations that were rampant at the Sturgis facility.
If you suffered a loss in Abbott Laboratories you have until October 31, 2022 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.