The Law Firm of Barbuto & Johansson, P.A. Announces That a Securities Fraud Class Action Lawsuit Has Been Filed Against Elanco Animal Health Inc.
(with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) advises investors that a Securities Fraud Class Action lawsuit has been filed against Elanco Animal Health, Inc. (NYSE: ELAN), and encourages shareholders with substantial losses to contact the Firm to discuss the case and their options as class members.
WELLINGTON, Fla., May 26, 2020 (GLOBE NEWSWIRE) -- Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action experience, including cases against ENRON and HALLIBURTON) advises investors that a Securities Fraud Class Action lawsuit has been filed against Elanco Animal Health, Inc. (NYSE: ELAN), and encourages shareholders with substantial losses to contact the Firm to discuss the case and their options as class members.
The case, Sandra Hunter v. Elanco Animal Health Inc., et al., Case No.: 1:20-cv-01460-SEB-DML, was filed in the U.S. District Court for the Southern District of Indiana on behalf of shareholders who purchased the Company’s shares between January 10, 2020 and May 6, 2020, inclusive (the “Class Period”). The lawsuit alleges, in part, that Elanco and certain of its executives failed to disclose material adverse facts about the Company’s business during the Class Period, violating federal securities laws. Specifically, the lawsuit alleges, in part, that the Elanco defendants made positive statements about the Company’s business operations, while failing to disclose to investors that Elanco’s distributors were not experiencing sufficient demand to sell through inventory, and that as a result, the Company’s revenue was likely to decline.
On May 7, 2020, Elanco disclosed that its revenue declined “9 percent due to a reduction of approximately $60 million in channel inventory driven by factors resulting from the COVID-19 pandemic.” On this news, the Company’s stock price plummeted over 13% to $19.88 per share.
If you purchased shares of Elanco and would like to discuss the case and your options as a class member and potential lead plaintiff, you may, without obligation or cost, contact Anthony Barbuto, at (888) 715-2520, or via email at [email protected], or Neil Rothstein via email at [email protected]. The Firm believes strongly that the choice of a qualified lead plaintiff can have a significant impact on the successful outcome of a case. The deadline to petition the court for lead plaintiff is July 20, 2020, so BARJO encourages shareholders with substantial losses to call or write.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
1-888-715-2520
12773 Forest Hill Blvd., 101
Wellington, FL 33414
www.barjolaw.com