SAN FRANCISCO, CA / ACCESSWIRE / September 29, 2022 / Hagens Berman urges Abbott Laboratories (NYSE:ABT) investors who suffered significant losses to submit your losses now.
Class Period: Feb. 19, 2021 - June 8, 2022
Lead Plaintiff Deadline: Oct. 31, 2022
Contact An Attorney Now: ABT@hbsslaw.com
Abbott Laboratories (NYSE:ABT) Securities Fraud Class Action:
The action challenges Defendants' statement and omissions concerning what the FDA called 'egregiously unsanitary' conditions at Abbott's infant formula manufacturing facility, Sturgis.
Specifically, the complaint alleges that Defendants: (1) touted the strength and safety of Abbott's infant formula brands, despite knowing Sturgis was in flagrant violation of FDA and other health, safety, and manufacturing regulations; (2) concealed those violations from investors; and, (3) as a result, put Abbott's infant formula business in dire jeopardy and left the company exposed to a risk of severe regulatory consequences, including the recall of its products and closure of Sturgis.
The truth began to emerge on Feb. 17, 2022, when the FDA announced that, after reports of babies becoming seriously ill, it commenced inspections of Sturgis and to date found contamination results from environmental samples for a bacteria linked to infant illness and death. The same day, Abbott issued a sweeping recall of Sturgis-manufactured infant formulas.
In the following days, Abbott was forced to close Sturgis due to severe safety problems.
Then, on Mar. 22, 2022, the FDA released Sturgis inspection reports concluding that controls to ensure against adulteration and contamination were lacking.
Further, on Apr. 28, 2022, a whistleblower complaint sent to the FDA in Oct. 2021 became public, revealing that Abbott management (i) knew Sturgis' FDA violations far earlier, (ii) had falsified testing records at Sturgis, and (iii) attempted to mislead the FDA during an earlier inspection audit.
Finally, on June 8, 2022, investors learned that Abbott was aware of the whistleblower's allegations in early 2021.
Each of these events sent the price of Abbott shares significantly lower, wiping out billions of dollars in shareholder value.
'We're focused on investors' losses and proving Abbott put profits ahead of infant safety,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Abbott and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Abbott should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ABT@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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