The Class: Shareholder rights law firm Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Inotiv, Inc. (NASDAQ: NOTV) securities between September 21, 2021 and June 13, 2022, for violations of the Securities Exchange Act of 1934. Inotiv purports to be a contract research organization providing nonclinical and analytical drug discovery and development services and research models and related products and services.
If you would like more information about Inotiv Inc.'s misconduct, click here.
What is this Case About: Inotiv, Inc. (NOTV) Failed to Disclose that it Engaged in Widespread and Flagrant Violations of the Animal Welfare Act
According to the complaint, on September 21, 2021, Inotiv announced the acquisition of Envigo RMS, LLC, which it completed on November 5, 2021. During the class period, defendants touted that its animal research facilities "comply with applicable regulations for the humane treatment of animals in our custody."
On May 20, 2022, Inotiv revealed that on May 18, 2022, the U.S. Department of Justice ("DOJ") and other federal and state law enforcement agents executed a search and seizure warrant on its Cumberland, Virginia facility. Additionally, on May 19, 2022, the DOJ filed a complaint against Envigo for violations of the Animal Welfare Act at the Cumberland facility. Then, on May 21, 2022, the court in the DOJ's case issued an immediate temporary restraining order to halt "serious and ongoing violations of the Animal Welfare Act." The court noted that hundreds of beagle puppies died in the Cumberland facility citing deplorable conditions, including overcrowded enclosures, lack of nutrition, and lack of veterinary care. On this news, the Company's share price fell $5.19 per share, or 28%, to close at $13.14 per share on May 23, 2022.
Finally, on June 13, 2022, the Company announced it was closing two Envigo facilities. On this news, the Company's share price fell again to $12.78 per share.
Next Steps: If you acquired your shares of Inotiv, Inc. between September 21, 2021 and June 13, 2022, you have until August 22, 2022, to ask the court to appoint you lead plaintiff for the class. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
Contact us to learn more:
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Inovit, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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