Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of Indiana on behalf of shareholders of Elanco Animal Health Incorporated who purchased shares between January 10, 2020 and May 6, 2020.
Elanco and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 7, 2020, pre-market, the Company disclosed disappointing 1Q2020 financial results including revenue of $657.7 million and earnings per share of -$0.12, reflecting “a reduction of approximately $60 million in channel inventory” due in part to “distributor performance,” and that the Company planned “to tighten [its] approach across many facets of [its] distributor relationships.”
On this news, the price of Elanco’s shares plummeted over 13%, to close at $19.88 per share on May 7, 2020, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until July 20, 2020 to request that the court appoint them lead plaintiff.