| COMPANY |
Elanco Animal Health Incorporated |
| COURT |
United States District Court for the District of Maryland |
| CASE NUMBER |
24-cv-02912 |
| JUDGE |
The Hon. Brendan Abell Hurson |
| CLASS PERIOD |
November 7, 2023 through June 26, 2024 |
| SECURITY TYPE |
Securities |
LEAD PLAINTIFF DEADLINE IS DECEMBER 6, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
On June 27, 2024, Elanco announced it 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%. Furthermore, Elanco disclosed that it was now expecting to receive approval for Zenrelia from the FDA in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024 (one quarter behind the previously expected timeline), and that it expected to received FDA approval for Credelio Quattro in the fourth quarter of 2024 (rather than the third quarter of 2024). On this news, the price of Elanco common stock declined $3.69 per share, or approximately 20.53%, from a close of $17.97 per share on June 26, 2024, to close at $14.27 per share on June 27, 2024.
The complaint alleges that, during the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that: (1) Zenrelia was less safe than the company had led investors to believe; (2) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro; and (3) as a result, Defendants’ statements about the company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.