BENSALEM, Pa.–(BUSINESS WIRE)–The Law Firm of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Iotiv, Inc. (“Iotiv” or the “Company”) (NASDAQ: NOTV) titles between September 21, 2021 and June 13, 2022, inclusive (the “Class Period”). Inotiv investors have until August 22, 2022 to file a petition of the main plaintiff.
Investors experiencing losses on their Inotiv investments are encouraged to contact The Law Offices of Howard G. Smith to discuss their legal rights in this class action lawsuit at 888-638-4847 or by email at firstname.lastname@example.org .
On May 20, 2022, after the market closed, Inotiv disclosed that after executing a search and seizure warrant at one of the company’s facilities, the U.S. Department of Justice filed a complaint alleging violations of the Animal Welfare Act (“AWA”) at Inotiv’s facility in Cumberland, Virginia.
On this news, Inotiv’s stock fell $5.19, or 28.3%, to close at $13.14 per share on May 23, 2022, hurting investors.
Then, on June 13, 2022, after the market closed, Inotiv announced the closure of two of its facilities.
On this news, Inotiv’s stock fell $0.25, or 2%, to close at $12.78 per share on June 14, 2022, further hurting investors.
The Complaint filed in this Class Action alleges that throughout the Class Period, the Defendants made materially false and/or misleading statements, and failed to disclose material adverse facts regarding the business, operations and societal prospects. Specifically, Defendants failed to disclose to Investors that: (1) Envigo and Inotiv’s Cumberland, Virginia facility (the “Cumberland Facility”) engaged in widespread and flagrant violations from the 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’ positive statements about the company’s business, operations and prospects were materially misleading and/or lacked reasonable basis at all relevant times.
If you have purchased Inotiv securities, have information or want to know more about these claims, or have any questions regarding this announcement or your rights or interests in these matters, please contact Howard G. Smith, Esquire, Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by phone at (215) 638-4847, toll free at (888) 638-4847, or by email at howardsmith@ howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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