NEW YORK, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities who purchased or otherwise acquired Elanco Animal Health Incorporated (“Elanco Animal” or the “Company”) (NYSE: ELAN) securities between November 7, 2023 and June 26, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Zenrelia was less safe than Elanco Animal had led investors to believe; and (ii) Elanco Animal was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro.
The Complaint further alleges that on June 27, 2024, Elanco Animal revealed that 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 Elanco Animal 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%. The Company also disclosed that it was now expecting Zenrelia to receive U.S. Food and Drug Administration (“FDA”) approval in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024, and that Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024. On this news, the price of Elanco Animal stock fell by more than 20%.
Investors who purchased or otherwise acquired shares of Elanco Animal should contact the Firm prior to the December 6, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
