PHILADELPHIA, Nov. 25, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Elanco Animal Health Inc. (“Elanco” or the “Company”) (NYSE: ELAN) on behalf of purchasers of Elanco securities between November 7, 2023 and June 26, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired ELANCO securities during the Class Period may, no later than DECEMBER 6, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
Elanco is an animal health company that develops products for pets and farm animals, including Zenrelia, an oral Janus kinase inhibitor for canine dermatology, and Credelio Quattro, a parasiticide for dogs.
In November 2023, Elanco set a timeline for U.S. approval by the Food and Drug Administration of both Zenrelia and Credelio Quattro in the first half of 2024. In May 2024, Elanco set a timeline for U.S. approval and commercial launch of Zenrelia in the third quarter of 2024, as well as approval of Credelio Quattro in the third quarter of 2024, with a commercial launch set for the fourth quarter of 2024.
According to the lawsuit, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zenrelia was less safe than the Company had led investors to believe; and (ii) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro.
On June 27, 2024, the Company issued an update on FDA approval timelines for Zenrelia and Credelio Quattro, indicating that Elanco expected the U.S. label for Zenrelia to include a boxed safety warning which the Company believed would “slow the product adoption curve in the U.S.” and initially limit the number of days Zenrelia could safely be administered to dogs by approximately 25%. Further, Elanco stated that it was now expecting Zenrelia to receive FDA approval in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024, and that Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024.
On this news, Elanco's stock price fell $3.69 per share, or 20%, to close at $14.28 per share on June 27, 2024.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
