Have you lost money investing in Abbott Laboratories? If yes, please visit us Class action lawsuit brought by Abbott Laboratories shareholders or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Sept. 07, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that it has filed a securities class action lawsuit was filed. ) AWAY in between February 19, 2021 and June 8, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of Illinois alleging violations of the Securities Exchange Act of 1934.
Abbott offers a wide range of healthcare products, including various forms of infant formula such as Similac, Alimentum and EleCare. Prior to February 2022, Abbott had produced 40% of the infant formula in the United States. Of this amount, approximately 40% of the formula was manufactured by Abbott at its Sturgis, Michigan manufacturing facility (“Sturgis”).
The plaintiff alleges that the defendants made false claims about the safety and merchantability of Abbott’s infant formula amid multiple violations of federal and state health and safety regulations at the company’s Sturgis facility.
On February 17, 2022, the Federal Drug Administration (“FDA”) announced that it was investigating four consumer complaints of infant diseases related to powdered infant formula manufactured by Abbott in Sturgis. The FDA said it has initiated an on-site inspection at the facility and, to date, has found multiple positive contamination results from environmental samples for a bacterium, Cronobacter sakazakii (“Cronobacter”), which has been linked to infant disease and death becomes.
On the same day, Abbott issued a recall of certain infant formula products, including popular brands Similac, Alimentum and EleCare, all of which are manufactured in Sturgis. Abbott didn’t mention the open FDA investigation….
