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LOS ANGELES, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Elanco Animal Health Incorporated ("Elanco" or the "Company") (NYSE: ELAN) investors of a class action representing investors that bought securities between November 7, 2023 and June 26, 2024, inclusive (the "Class Period"). Elanco investors have until December 6, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
In November 2023, Elanco announced a timeline for the U.S. approval of two canine medications set for the first half of 2024: Zenrelia, an oral treatment, and Credelio Quattro, a parasiticide. However, in May 2024, the company pushed back the expected approval and commercial launch of Zenrelia to the third quarter of 2024, while also delaying Credelio Quattro's U.S. approval to the same period, with its launch projected for the fourth quarter of 2024.
On June 27, 2024, Elanco issued a press release detailing the updated timelines for Zenrelia and Credelio Quattro's approval by the U.S. Food and Drug Administration (FDA). The company indicated that the U.S. label for Zenrelia would likely include a boxed warning regarding safety, stemming from trial results. Elanco believed this could hinder product adoption in the U.S. and initially decrease the safe administration duration for vaccinated dogs by about 25%. The company now anticipated FDA approval for Zenrelia in the third quarter of 2024, with a possible commercial launch in the fourth quarter. Credelio Quattro was expected to receive FDA approval in the fourth quarter of 2024. Following this announcement, Elanco's stock price dropped by $3.69 per share, approximately 20.53%, from $17.97 on June 26, 2024, to $14.28 on June 27, 2024.
The lawsuit claims that Elanco made false or misleading statements and failed to disclose critical information, specifically: (i) that Zenrelia was less safe than communicated to investors, and (ii) that the company was unlikely to meet its previously stated timeline for the approval and launch of both Zenrelia and Credelio Quattro.
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