The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Abbott Laboratories (NYSE: ABT) who purchased common stock between February 19, 2021 and June 8, 2022. The action, which was filed in the United States District Court for the Northern District of Illinois, alleges that the Company violated federal securities laws.
In particular, the Abbott lawsuit alleges that defendants touted the strength of Abbott’s infant formula brands and their contribution to the Company’s sales and revenue growth, despite knowing that the facility that manufactured those products was in flagrant violations of United States Food and Drug Administration (“FDA”) health, safety, and manufacturing regulations. Defendants willfully or recklessly concealed these violations from investors, even though the violations put Abbott’s infant formula business in dire jeopardy and left the Company exposed to a risk of severe regulatory action, including the recall of its products and closure of the Sturgis facility. Indeed, defendants received direct warnings, communications, FDA inspection reports, and consumer complaints identifying in detail the safety and regulatory violations that were rampant at the Sturgis facility.
Shareholders have until October 31, 2022 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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