NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed against Iotiv, Inc. (“Iotiv” or the “Corporation ”) (NASDAQ: NOTV) in the United States District Court for the States of the Northern District of Indiana on behalf of all persons and entities who purchased or otherwise acquired Inotiv securities between September 21, 2021 and June 13, 2022 , both dates inclusive (the “Class Period”). Investors have until August 22, 2022 to ask the court to be named lead plaintiff in the lawsuit.
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The litigation challenges Inotiv’s claims regarding its Envigo business, which the company acquired in September 2021, including that Envigo maintained “high standards of animal welfare” at its Cumberland, Va., facility and in other locations. other animal experimentation sites.
On May 20, 2022, Inotiv announced that on May 18, federal and state law enforcement conducted a search and seizure warrant on the Cumberland facility. The company also announced that the DOJ sued Envigo for violating the Animal Welfare Act (“AWA”).
Then, on May 21, 2022, the court in the DOJ case ordered a halt to violations of the AWA in Cumberland. The court order observed that hundreds of beagle puppies died at the Cumberland facility (many of whom were not anesthetized before being euthanized by intracardiac injection), nursing female beagles were denied food and many puppies died from exposure to cold. About 3 weeks later, Inotiv announced it was closing Cumberland.
These events caused Inotiv’s stock price to crash.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose: (1) Envigo RMS, LLC (“Envigo”) and the Inotiv Facility in Cumberland, Virginia (the “Cumberland Facility”) engaged in widespread and flagrant violations of the Animal Welfare Act (“AWA”); (2) Envigo and Inotiv’s Cumberland facility consistently violated the AWA; (3) Envigo and Inotiv failed to properly address animal welfare issues at the Cumberland facility; (4) as a result, Inotiv was subject to increased scrutiny and government action; (5) Inotiv would soon close two facilities, including the Cumberland facility; (6) Inotiv failed to exercise due diligence; and (7) therefore, defendants’ statements regarding its business, operations and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times. When the real details entered the market, the lawsuit claims investors suffered damages.
If you have purchased or otherwise acquired shares of Inotiv and suffered a loss, are a long-term shareholder, have information, want to know more about these claims, or have questions about this announcement or your rights or interests in regarding these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], by phone at (212) 355-4648, or by completing this contact form. There is no cost or obligation for you.
About Bragar Eagel & Squire, PC:
Bragar Eagel & Squire, PC is a nationally recognized law firm with offices in New York, California and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivatives and other complex litigation before state and federal courts across the country. For more company information, please visit www.bespc.com. Lawyer advertisement. Prior results do not guarantee similar results.