Did you lose money on investments in Inotiv? If so, please visit Inotiv, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, June 28, 2022 /PRNewswire/ -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the publicly-traded securities of Inotiv, Inc. ("Inotiv" or the "Company") (NASDAQ: NOTV) between September 21, 2021 and June 13, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the Northern District of Indiana and alleges violations of the Securities Exchange Act of 1934.
Inotiv is a contract research organization which provides, among other things, nonclinical and analytical drug discovery and development services. On September 21, 2021, Inotiv announced the acquisition of Envigo RMS, LLC ("Envigo"), which acquisition it completed on November 5, 2021.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (1) Envigo and Inotiv's Cumberland, Virginia facility (the "Cumberland Facility") engaged in widespread and flagrant violations of the Animal Welfare Act ("AWA"); (2) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (3) as a result, Inotiv was likely to face increased scrutiny and governmental action; (4) Inotiv would imminently shut down two facilities, including the Cumberland Facility; and (5) Inotiv did not engage in proper due diligence.
On May 20, 2022, after market hours, Inotiv filed a Form 8-K with the SEC that stated that on May 18, 2022, the Department of Justice, together with federal and state law enforcement agents, executed a search and seizure warrant on the Cumberland, Virginia facility. Subsequently, on May 19, 2022, a complaint was filed against Envigo in the U.S. District Court for the Western District of Virginia. alleging violations of the Animal Welfare Act at the Cumberland, Virginia facility.
On this news, the Company's share price fell $5.19 per share, or 28%, to close at $13.14 per share on May 23, 2022.
Then, on June 13, 2022, after trading hours, Inotiv issued a press release entitled "Inotiv, Inc. Announces Site Closures and Consolidation Plans." The release announced the closure of two Envigo facilities in Virginia – a purpose-bred canine facility in Cumberland and a rodent breeding facility in Dublin – as part of restructuring activities following its acquisition of Envigo in November 2021.
On this news, the Company's share price fell $0.25 per share, or 2%, to close at $12.78 per share on June 14, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than August 22, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased NOTV securities, and/or would like to discuss your legal rights and options please visit Inotiv, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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SOURCE Bernstein Liebhard LLP
