Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 31, 2022 to file lead plaintiff applications in a securities class action lawsuit against Abbott Laboratories , if they purchased the Company’s shares between February 19, 2021 to June 8, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of Illinois.
If you purchased shares of Abbott and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-abt/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 31, 2022.
Abbott and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On February 17, 2022, the U.S. Food and Drug Administration (“FDA”) announced that its inspection of the Company’s Sturgis, Michigan facility, prompted by consumer complaints of infant illness, had yielded several positive contamination results for the Cronobacter sakazakii bacteria, linked to infant illnesses and death. On the same day, the Company, without mention of the FDA investigation, recalled certain infant formula products, including the popular brands Similac, Alimentum and EleCare, all manufactured in Sturgis. On this news, shares of Abbott declined by $3.79 per share, or 3.14%.
Then, on March 22, 2022, the FDA reported that, although not “final FDA determinations,” its most recent inspection conducted between January 31, 2022 and March 18, 2022 revealed that the Company failed to establish process controls “designed to ensure that infant formula does not become adulterated due to the presence of microorganisms in the formula or in the processing environment” and failed to “ensure that all surfaces that contacted infant formula were maintained to protect infant formula from being contaminated by any source.” On this news, shares of Abbott declined by an additional $4.97 per share, or 4%.
Finally, on June 8, 2022, it was reported that a whistleblower complaint identifying numerous serious examples of misconduct at Sturgis related to the above had been filed with the U.S. Occupational Safety & Health Administration (“OSHA”) in February 2021, and that OSHA had delivered that complaint to Abbott Laboratories and the FDA during the same month. On this news, shares of Abbott declined by an additional 3.5%, further damaging investors.
The case is Pembroke Pines Firefighters & Police Officers Pension Fund v. Abbott Laboratories, No. 22-cv-04661.
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163