Abbott is facing a class action lawsuit alleging 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 violation of the United States Food and Drug Administration's (“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 incurred a loss on ABT common stock purchased between February 19, 2021 and June 8, 2022, this lawsuit is on your behalf. The lawsuit was filed in the United States District Court for the Northern District of Illinois, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until October 31, 2022 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.