NEW YORK, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Abbott Laboratories ("Abbott" or the "Company") ABT. Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Abbott and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 17, 2022, the U.S. Food and Drug Administration ("FDA") announced its investigation into four consumer complaints of infant illness related to powdered infant formula produced by Abbott in its Sturgis, Michigan facility. Among other things, the FDA indicated that it had already found several positive contamination results from onsite environmental samples for a bacteria linked to infant illnesses and death. The same day, Abbott recalled certain popular infant formula products manufactured in the Sturgis facility.
On this news, Abbott's stock price fell $3.79 per share, or 3.14%, to close at $116.79 per share on February 18, 2022.
On March 22, 2022, the FDA reported its findings that, among other things, Abbott had failed to establish adequate process controls for its infant formula related to the presence of microorganisms and to prevent environmental contamination.
On this news, Abbott's stock price fell $4.97 per share, or 4%, to close at $116.92 per share on March 23, 2022.
On April 22, 2022, a redacted copy of a whistleblower complaint sent to the FDA in October 2021 was made public, revealing, among other things, that previous issues with the Sturgis facility were known to Abbott's management far earlier.
On this news, Abbott's stock price fell $4.51 per share, or 3.8%, to close at $113.50 per share on April 29, 2022.
Then, on June 8, 2022, investors learned that, contrary to the Company's repeated denials, Abbott was aware of the whistleblower's formal allegations in early 2021, when it was reported that the FDA whistleblower had filed a complaint in February 2021 with the U.S. Labor Department's Occupational Safety & Health Administration ("OSHA"), and that OSHA delivered that complaint to Abbott and the FDA during the same month.
On this news, Abbott's stock price fell $4.17 per share, or 3.5%, to close at $112.71 per share on June 9, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com
Robert S. Willoughby
888-476-6529 ext. 7980
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