NEW YORK, Oct. 24, 2022 (GLOBE NEWSWIRE) — Moore Kuehn, PLLC, a Wall Street-based securities and shareholder law firm, is investigating potential lawsuits against:
- Abbott Laboratories (“Abbott” or the “Company”) AWAY
***Please contact fmoore@moorekuehn.com
Abbott is a medical technology and healthcare company that offers a wide range of products, including various forms of infant formula. By early 2022, Abbott was responsible for the production of 40 percent of infant formula in the United States. Of these, nearly half were produced at the Company’s Sturgis, Michigan manufacturing facility (“Sturgis”).
The investigation addresses potentially false and misleading statements and omissions regarding what the US Food and Drug Administration (“FDA”) has described as “extremely unsanitary” at the Company’s Sturgis facility. In particular, the Defendants have repeatedly touted to investors the safety and salability of Abbott’s infant formula brands and their contribution to the Company’s sales and earnings growth.
Abbott’s Sturgis facility may have violated several federal and state health and safety regulations. The truth came out on February 17, 2022, when the FDA publicly announced that it was investigating four consumer complaints about 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 has found multiple positive contamination results to date.
On March 22, 2022, the FDA released reports of contamination from any source.” Following news of these damaging inspection reports, Abbott’s stock price fell $4.97 per share, or 4%.
On April 22, 2022, while the FDA investigation continued, a redacted copy of a whistleblower complaint that was sent to the FDA in October 2021 was released. Following the publication of the whistleblower’s complaint, Abbott’s share price declined $4.51 per share.
If you still own Abbott Laboratories or ABT, have information, want to learn more…
