NEW YORK, Oct. 24, 2022 (GLOBE NEWSWIRE) -- Moore Kuehn, PLLC, a securities and shareholder law firm located on Wall Street, is investigating potential claims against:
- Abbott Laboratories (“Abbott” or the “Company”) (NYSE: ABT)
***Please contact fmoore@moorekuehn.com
Abbott is a medical device and health care company that provides a broad line of products, including various forms of infant formula. By early 2022, Abbott was responsible for producing 40 percent of the United States’ infant formula. Of that amount, nearly half was produced in the Company’s manufacturing facility in Sturgis, Michigan (“Sturgis”).
The investigation concerns potentially false and misleading statements and omissions concerning what the U.S. Food and Drug Administration (“FDA”) called “egregiously unsanitary” conditions at the Company’s Sturgis facility. Specifically, Defendants repeatedly touted to investors the safety and salability of Abbott’s infant formula brands and their contribution to the Company’s sales and revenue growth.
Abbott’s Sturgis facility may have violated multiple federal and state health and safety regulations. The truth emerged on February 17, 2022, when the FDA publicly announced that it was investigating four consumer complaints of infant illness related to powdered infant formula produced by Abbott in Sturgis. The FDA stated that it had initiated an onsite inspection at the facility, and to date had found several positive contamination results.
On March 22, 2022, the FDA released reports from being contaminated by any source.” On the news of these damaging inspection reports, the price of Abbott stock declined $4.97 per share, or 4%.
As the FDA investigation continued, a redacted copy of a whistleblower complaint sent to the FDA in October 2021 was made public on April 22, 2022. Upon release of the whistleblower complaint, the price of Abbott stock declined $4.51 per share.
If you still own Abbott Laboratories or ABT, have information, 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 Fletcher Moore, Esq. by email at fmoore@moorekuehn.com or telephone at (212) 709-8245.
There is no cost to you. Moore Kuehn is a New York-based law firm with attorneys representing investors and consumers.
Please visit http://www.moorekuehn.com/practice/new-york-shareholder-derivative-litigation/
Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Kuehn, PLLC
Fletcher Moore, Esq.
30 Wall Street, 8th Floor
New York, New York 10005
fmoore@moorekuehn.com
(212) 709-8245
