NEW YORK CITY, NY / ACCESSWIRE / October 7, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Elanco Animal Health Incorporated ("Elanco" or the "Company") (NYSE:ELAN) and certain officers. The class action, filed in the United States District Court for the District Of Maryland, and docketed under 24-cv-02912 is on behalf of a class consisting of all persons and entities other than Defendants that purchased or otherwise acquired Elanco securities between November 7, 2023 and June 26, 2024, both dates inclusive (the "Class Period"), seeking to recover damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased or otherwise acquired Elanco securities during the Class Period, you have until December 6, 2024 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here for information about joining the class action]
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Elanco is an animal health company that develops, manufactures, and markets products for pets and farm animals. The Company is developing, inter alia, Zenrelia, a "safe, highly effective, and convenient" once-daily oral Janus kinase inhibitor for canine dermatology, and Credelio Quattro, a broad spectrum parasiticide product for dogs.
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In November 2023, Elanco set a timeline for the (United States) ("U.S.") approval of both Zenrelia and Credelio Quattro in the first half of 2024.
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Then, in May 2024, Elanco set a timeline for the U.S. approval and commercial launch of Zenrelia in third quarter of 2024, as well as the U.S. approval of Credelio Quattro in the third quarter of 2024 with a commercial launch set for the fourth quarter of 2024.
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The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zenrelia was less safe than the Company had led investors to believe; (ii) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro; (iii) accordingly, the Company's business and/or financial prospects were overstated; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
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On June 27, 2024, the Company issued a press release providing an "innovation update" on Zenrelia and Credelio Quattro and their U.S. Food and Drug Administration ("FDA") approval timelines. The press release revealed that Elanco expected the U.S. label for Zenrelia to include a boxed warning on safety "based on the outcome of a trial with unvaccinated dogs dosed at 3x the label dose," which the Company believed would "slow the product adoption curve in the U.S." and initially limit the number of expected treatment days-i.e., the number of days Zenrelia can safely be administered to vaccinated dogs-by approximately 25%. Further, Elanco stated that it was now expecting Zenrelia to receive FDA approval in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024, and that Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024.
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On this news, Elanco's stock price fell $3.69 per share, or 20.53%, to close at $14.28 per share on June 27, 2024.
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On an August 4, 2024 call held to discuss the Company's Q2 2024 results, Elanco's Chief Executive Officer Defendant Jeffrey N. Simmons ("Simmons") provided further details on the Zenrelia boxed warning. Specifically, Defendant Simmons stated that "this label language will slow the initial product adoption curve in the U.S. as we believe it will require focused veterinary education on the product" and "[o]ur expectations for treatment days being limited by approximately 25% is based on expected language in the box warning related to vaccine usage."
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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