The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Northern District of Illinois on behalf of shareholders of Abbott Laboratories who purchased common stock between February 19, 2021 and June 8, 2022.
The filed complaint alleges that 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 wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until October 31, 2022 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.