SAN FRANCISCO, CA / ACCESSWIRE / August 3, 2022 / Hagens Berman urges Inotiv, Inc. (NASDAQ: NOTV) investors who suffered significant losses to submit your losses now. A securities fraud class action has been filed and investors with significant losses have an opportunity to lead the case.
Inotiv, Inc. (NASDAQ:NOTV) Securities Fraud Class Action:
The litigation challenges Inotiv's claims regarding its Envigo business, which the company acquired in Sept. 2021, including that Envigo maintained 'high standards of animal welfare' at its Cumberland, Virginia facility and other animal testing sites.
Specifically, Defendants misrepresented and concealed that: (1) the Cumberland facility engaged in widespread and flagrant violations of the Animal Welfare Act ('AWA'); (2) Envigo and the Cumberland facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regard to animal welfare at Cumberland; (4) as a result, Inotiv was likely to face increased scrutiny and government action; (5) Inotiv would imminently shut down Cumberland; and, (6) Inotiv did not perform proper due diligence of Envigo.
On May 20, 2022, Inotiv announced that on May 18 federal and state law enforcement conducted a search and seizure warrant on the Cumberland facility. The company also announced the DOJ sued Envigo for violations of the ACA.
Then, on May 21, 2022, the court in the DOJ's case ordered a halt to violations of the AWA at Cumberland. The court's order observed that hundreds of beagle puppies died in the Cumberland facility (many of which were not given anesthesia before they were euthanized by intracardiac injection), nursing female beagles were denied food, and many puppies died from cold exposure. About 3 weeks later, Inotiv announced it was closing Cumberland.
These events sent the price of Inotiv shares crashing lower.
'We're focused on investors' losses and proving Inotiv misled investors about its adherence to animal welfare standards,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Inotiv 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 Inotiv 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 NOTV@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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