NEW YORK, NY / ACCESSWIRE / November 4, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Eli Lilly and Company("Eli Lilly" or the "Company") (NYSE:LLY). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Eli Lilly and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On October 13, 2020. the National Institute of Allergy and Infectious Diseases recommended a pause on the trial evaluating adding Eli Lilly's antibody-based drug, LY-CoV555, to remdesivir for the treatment of COVID-19. That same day, Reuters reported that U.S. Food and Drug Administration ("FDA") inspectors "uncovered serious quality control problems" at the Company's plant that will manufacture COVID-19 drugs. The article reported that "[f]ollowing its November inspection, the FDA classified the problems as the most serious level of violation, resulting in an ‘Official Action Indicated' (OAI) notice." Among other violations, the FDA "found that data on the plant's various manufacturing processes had been deleted and not properly audited."
On this news, Eli Lilly's stock price fell $4.41 per share, or 2.85%, to close at $150.08 per share on October 13, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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