EQUITY ALERT: Rosen Law Firm Encourages Abbott Laboratories Investors to Inquire About Class Action Investigation – ABT

NEW YORK--(BUSINESS WIRE)--WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Abbott Laboratories (NYSE: ABT) resulting from allegations that Abbott may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased Abbott securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=8453 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [e-mail] or [e-mail] for information on the class action.

WHAT IS THIS ABOUT: On February 17, 2022, the U.S. Food and Drug Administration (“FDA”) announced its investigation into four consumer complaints of infant illness related to powdered infant formula produced by Abbott in its Sturgis, Michigan facility. Among other things, the FDA indicated that it had already found several positive contamination results from onsite environmental samples for a bacteria linked to infant illnesses and death. The same day, Abbott recalled certain popular infant formula products manufactured in the Sturgis facility.

On this news, Abbott’s stock price fell $3.79 per share, or 3%, to close at $116.79 per share on February 18, 2022.

On March 22, 2022, the FDA reported its findings that, among other things, Abbott had failed to establish adequate process controls for its infant formula related to the presence of microorganisms and to prevent environmental contamination.

On this news, Abbott’s stock price fell $4.97 per share, or 4%, to close at $116.92 per share on March 23, 2022.

On April 22, 2022, a redacted copy of a whistleblower complaint sent to the FDA in October 2021 was made public, revealing, among other things, that previous issues with the Sturgis facility were known to Abbott’s management far earlier.

On this news, Abbott's stock price fell $4.51 per share, or 3.8%, to close at $113.50 per share on April 29, 2022.

Then, on June 8, 2022, investors learned that, contrary to the Company's repeated denials, Abbott was aware of the whistleblower's formal allegations in early 2021, when it was reported that the FDA whistleblower had filed a complaint in February 2021 with the U.S. Labor Department’s Occupational Safety & Health Administration (“OSHA”), and that OSHA delivered that complaint to Abbott and the FDA during the same month.

On this news, Abbott’s stock price fell $4.17 per share, or 3.5%, to close at $112.71 per share on June 9, 2022.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

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