A lawsuit was filed on behalf of investors in Inotiv, Inc. (NASDAQ:NOTV) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 07/07/2022 -- An investor, who purchased shares of Inotiv, Inc. (NASDAQ: NOTV), filed a lawsuit over alleged violations of Federal Securities Laws by Inotiv, Inc.
Investors who purchased shares of Inotiv, Inc. (NASDAQ: NOTV) have certain options and for certain investors are short and strict deadlines running. Deadline: August 22, 2022. NASDAQ: NOTV investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
West Lafayette, IN based Inotiv, Inc. provides drug discovery and development services to the pharmaceutical, chemical, and medical device industries; and sells analytical instruments to the pharmaceutical development and contract research industries.
On September 21, 2021, Inotiv, Inc announced the acquisition of Envigo RMS, LLC.
On November 5, 2021, Inotiv, Inc completed the acquisition of Envigo which is now a direct, wholly owned subsidiary of Inotiv, Inc.
On May 20, 2022, Inotiv, Inc disclosed in a filing with the U.S. Securities and Exchange Commission that "[o]n May 18, 2022, the U.S. Department of Justice ('DOJ'), together with federal and state law enforcement agents, executed a search and seizure warrant on" a Cumberland, Virginia facility of Inotiv's subsidiary Envigo RMS, LLC ("Envigo"). Inotiv further disclosed that "[o]n May 19, 2022, a complaint was filed against Envigo in the U.S. District Court for the Western District of Virginia. The complaint is a civil action by DOJ alleging violations of the Animal Welfare Act at the Cumberland, Virginia facility. The complaint seeks declaratory and injunctive relief and costs."
On June 13, 2022, after trading hours, Inotiv, Inc issued a press release entitled "Inotiv, Inc. Announces Site Closures and Consolidation Plans" of two Envigo facilities mere months after the acquisition.
Shares of Inotiv, Inc (NASDAQ: NOTV) declined from $19.01 per share on May 18, 2022, to as low as $9.51 per share on June 29, 2022.
The plaintiff claims that between September 21, 2021 and June 13, 2022, the defendants made false and/or misleading statements and/or failed to disclose, that Envigo RMS, LLC ("Envigo") and Inotiv's Cumberland, Virginia facility (the "Cumberland Facility") engaged in widespread and flagrant violations of the Animal Welfare Act ("AWA"), that Envigo and Inotiv's Cumberland Facility continuously violated the AWA, that Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility, that as a result, Inotiv was likely to face increased scrutiny and governmental action, that Inotiv would imminently shut down two facilities, including the Cumberland Facility, that Inotiv did not engage in proper due diligence, and that as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Those who purchased shares of Inotiv, Inc. (NASDAQ: NOTV) have certain options and should contact the Shareholders Foundation.
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.