Shareholder rights law firm Robbins LLP is investigating the officers and directors of Inotiv, Inc. (NASDAQ: NOTV) to determine whether they breached fiduciary duties or violated securities laws in failing to disclose its widespread and flagrant violations of the Animal Welfare Act. 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 our investigation into Inotiv Inc.'s misconduct, click here.
What is this Case About: According to the complaint filed against Inotiv, 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 legal options. Contact Robbins LLP for more information.
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 Inotiv, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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