SHAREHOLDER ALERT: Lowey Dannenberg Investigates Claims on Behalf of Investors of Elanco Animal Health Inc. (ELAN) and Encourages Investors to Contact the Firm

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NEW YORK, May 28, 2020 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors is investigating possible violations of federal securities laws on behalf of investors of Elanco Animal Health Inc. ("Elanco" or the "Company") ELAN

Elanco is a provider of health solutions for pets and livestock including flea and heartworm medicine, intestinal worm medicine and fluke and worm control medicine. On May 7, 2020, Elanco announced its first quarter 2020 financial results, reporting a revenue decline of "9 percent due to a reduction of approximately $60 million in channel inventory driven by factors resulting from the COVID-19 pandemic." Jeff Simmons, Elanco's CEO, attributed the disappointing results to "distributor performance," among other things, and stated that Elanco planned "to tighten [its] approach across many facets of [its] distributor relationships." On this news, the Company's stock fell from $22.93 per share on May 6, 2020 to $19.88 per share on May 7, 2020: a $3.05 or 13.3% drop.

A securities class action was filed on May 20, 2020 on behalf of investors who purchased Elanco securities between January 10, 2020 and May 6, 2020. The complaint alleges that Elanco made false and misleading statements to the market. The complaint further alleges that Elanco consolidated its distributors from eight different organizations to four, and then increased the amount of inventory held by each distributor. These distributors did not demonstrate a sufficient level of demand to sell through the increased inventory, leading to both a decline in inventory and Elanco reducing its channel inventory. The class in this case has not yet been certified, meaning that you are not represented by an attorney. The deadline to be appointed lead plaintiff is July 20, 2020.

If you are a shareholder of Elanco who suffered a loss, we encourage you to contact our attorneys at Lowey Dannenberg at (914) 733-7201 or investigations@lowey.com to learn more about this investigation or to discuss your options.

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.

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws.  The firm has significant experience in prosecuting multi-million-dollar lawsuits and has in the past recovered billions of dollars on behalf of investors. 

Contact

Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7201
Email: investigations@lowey.com

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