NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Elanco Animal Health Incorporated (“Elanco” or the “Company”) (NYSE: ELAN) and reminds investors of the December 6, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that (i) Zenrelia was less safe than the Company had led investors to believe; (ii) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro; (iii) accordingly, the Company’s business and/or financial prospects were overstated; and (iv) as a result, the Company's public statements were materially false and misleading at all relevant times.
On June 27, 2024, the Company issued a press release providing an "innovation update" on Zenrelia and Credelio Quattro and their U.S. Food and Drug Administration ("FDA") approval timelines. The press release revealed that Elanco expected the U.S. label for Zenrelia to include a boxed warning on safety "based on the outcome of a trial with unvaccinated dogs dosed at 3x the label dose," which the Company believed would "slow the product adoption curve in the U.S." and initially limit the number of expected treatment days-i.e., the number of days Zenrelia can safely be administered to vaccinated dogs-by approximately 25%. Further, Elanco stated that it was now expecting Zenrelia to receive FDA approval in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024, and that Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024.
On this news, Elanco's stock price fell $3.70 per share, or 20.59%, to close at $14.27 per share on June 27, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Elanco’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Elanco Animal Health class action, go to www.faruqilaw.com/ELAN or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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