Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Inotiv, Inc. (“Inotiv” or the “Company”) (NASDAQ: NOTV) securities between September 21, 2021 and June 13, 2022, inclusive (the “Class Period”). Inotiv investors have until August 22, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Inotiv investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On May 20, 2022, after the market closed, Inotiv disclosed that, after executing a search and seizure warrant at one of the Company’s facilities, the U.S. Department of Justice filed a complaint alleging violations of the Animal Welfare Act (“AWA”) at Inotiv’s Cumberland, Virginia facility.
On this news, Inotiv’s stock fell $5.19, or 28.3%, to close at $13.14 per share on May 23, 2022, thereby injuring investors.
Then, on June 13, 2022, after the market closed, Inotiv announced the closure of two of its facilities.
On this news, Inotiv’s stock fell $0.25, or 2%, to close at $12.78 per share on June 14, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Envigo and Inotiv’s Cumberland, Virginia facility (the “Cumberland Facility”) engaged in widespread and flagrant violations of the AWA; (2) Envigo and Inotiv’s Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased Inotiv securities, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20220624005492/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
