NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, PC, a nationally recognized stockholder rights law firm, reminds investors that a class action lawsuit has been filed against Inotiv, Inc. (“Inotiv” or the “Company”) (NASDAQ: NOTV) in the United States District Court for 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 apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
The litigation challenges Inotiv’s claims regarding its Envigo business, which the company acquired in Sept. 2021, including that Envigo maintained “high standards of animal welfare” at its Cumberland, Virginia facility and other animal testing 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 violations of the Animal Welfare Act (“AWA”).
Then, on May 21, 2022, the court in the DOJ’s case ordered a halt to violations of the AWA at Cumberland. The court’s order observed that hundreds of beagle puppies died in the Cumberland facility (many of which were not given anesthesia before they were euthanized by intracardiac injection), nursing female beagles were denied food, and many puppies died from cold exposure. About 3 weeks later, Inotiv announced it was closing Cumberland.
These events sent the price of Inotiv shares crashing.
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 Inotiv’s Cumberland, Virginia facility (the “Cumberland Facility”) engaged in widespread and flagrant violations of the Animal Welfare Act (“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’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired Inotiv shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to 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, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Previous results do not guarantee similar outcomes.