The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Inotiv, Inc. (NOTV) Investors
LOS ANGELES–(BUSINESS WIRE)–$STOCKS—The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Inotiv, Inc. (“Inotiv” or the “Company”) (NASDAQ: NOTV) securities between September 21, 2021 and June 13, 2022, inclusive (the “Class Period”). Inotiv investors have until August 22, 2022 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On May 20, 2022, after the market closed, Inotiv disclosed that, after executing a search and seizure warrant at one of the Company’s facilities, the U.S. Department of Justice filed a complaint alleging violations of the Animal Welfare Act (“AWA”) at Inotiv’s Cumberland, Virginia facility.
On this news, Inotiv’s stock fell $5.19, or 28.3%, to close at $13.14 per share on May 23, 2022, thereby injuring investors.
Then, on June 13, 2022, after the market closed, Inotiv announced the closure of two of its facilities.
On this news, Inotiv’s stock fell $0.25, or 2%, to close at $12.78 per share on June 14, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Envigo and Inotiv’s Cumberland, Virginia facility (the “Cumberland Facility”) engaged in widespread and flagrant violations of the AWA; (2) Envigo and Inotiv’s Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Inotiv securities during the Class Period, you may move the Court no later than August 22, 2022 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Inotiv securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
