NEW YORK, Sept. 06, 2022 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Abbott Laboratories (“Abbott” or the “Company”) AWAY. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Abbott and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
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On February 17, 2022, the U.S. Food and Drug Administration (“FDA”) announced its investigation into four consumer complaints of infant diseases related to powdered infant formula manufactured by Abbott at its Sturgis, Michigan facility. Among other things, the FDA stated that it had already found several positive contamination results from on-site environmental samples for a bacterium that has been linked to infant disease and death. On the same day, Abbott commemorated certain popular infant formula products made at the Sturgis facility.
As a result of this news, Abbott’s stock price fell $3.79 per share, or 3.14%, to close at $116.79 per share on February 18, 2022.
On March 22, 2022, the FDA reported its findings that, among other things, Abbott had failed to establish adequate process controls for its infant formula for the presence of microorganisms and to prevent environmental contamination.
As a result of this news, Abbott’s stock price fell $4.97 per share, or 4%, to close at $116.92 per share on March 23, 2022.
On April 22, 2022, a redacted copy of a whistleblower complaint filed with the FDA in October 2021 was released, which revealed, among other things, that prior problems at the Sturgis facility were known to Abbott management much earlier.
As a result of this news, Abbott’s stock price fell $4.51 per share, or 3.8%, to close at $113.50 per share on April 29, 2022.
Then, on June 8, 2022, investors learned that despite the company’s repeated denials, Abbott was aware of the…
