Full Press Release Details
SAN FRANCISCO, Oct. 08, 2024 (GLOBE NEWSWIRE) -- A federal securities class action lawsuit has been filed against Elanco Animal Health and several of its top executives, alleging that they misled investors about the safety and regulatory timeline of their new product, Zenrelia.
Hagens Berman urges Elanco Animal Health Incorporated (NYSE: ELAN) investors who suffered substantial losses to submit your losses now.
Class Period: Nov. 7, 2023 – June 26, 2024
Lead Plaintiff Deadline: Dec. 6, 2024
Contact the Firm Now: ELAN@hbsslaw.com
Class Action Lawsuit Against Elanco Animal Health Incorporated (ELAN):
The complaint, filed on behalf of investors who purchased Elanco securities between November 7, 2023, and June 26, 2024, alleges that the company made false and misleading statements regarding Zenrelia's safety profile and the expected timeline for its U.S. Food and Drug Administration approval.
According to the lawsuit, Elanco downplayed the potential safety risks associated with Zenrelia and overstated its prospects for a timely U.S. launch. The truth came to light on June 26, 2024 when the company announced that Zenrelia's label would include a boxed warning due to safety concerns in a trial with unvaccinated dogs. This warning was expected to significantly slow the product's adoption and limit the number of treatment days.
Following this disclosure, Elanco's stock price plummeted by over 20%.
Significantly, after the Class Period, on an August 4, 2024 call held to discuss the Company’s Q2 2024 results, Elanco CEO Jeffrey N. Simmons provided further details on the Zenrelia boxed warning. Specifically, Simmons stated that “this label language will slow the initial product adoption curve in the U.S. as we believe it will require focused veterinary education on the product” and “[o]ur expectations for treatment days being limited by approximately 25% is based on expected language in the box warning related to vaccine usage.”
The case is being investigated by the law firm Hagens Berman
“We’re investigating whether Elanco may have misled investors about Zenrelia’s safety,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Elanco Animal Health and have substantial losses submit your losses now »
If you’d like more information and answers to frequently asked questions about the Elanco case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Elanco should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ELAN@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895