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ABT.US
id: 238, Created by Stan Vick Chase, Scout
Abbott Laboratories
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
How it works?
- We find Attorney for the Case
- Attorney files case on behalf of Investors
- You get updates and receive payout in case of success
Would it cost me anything?
- No, you do not pay anything out of your pocket neither to us, nor to Attorney
- Attorneys get % fee in case of success
- Platform charges service fee from Attorneys
What are the chances for success?
Every Case is unique, but statistically, 47% of Cases end up with a settlement.
Please see below recent successful cases:
On June 8, 2022, among other things, the media reported that Abbott and its leaders were aware of the whistleblower’s formal allegations in early 2021 that the Company’s Sturgis facility suffered from severe, widespread product safety deficiencies and regulatory violations that put infants at serious risk.
Abbott’s stock price dropped 3.5%, from a closing price of $116.88 per share on June 7, 2022, to a closing price of $112.71 per share on June 9, 2022.
Back on September 20, 2021, the FDA began a routine four-day inspection of the Sturgis facility, and reported privately to Abbott that the facility “did not maintain a building used in the manufacturing, processing, packing or holding of infant formula in a clean and sanitary condition.”
By at least September 20, 2021, Abbott received complaints of infant deaths linked to Abbott’s infant formula.
However, In annual circulars and Environmental, Social, and Governance (“ESG”) Global Reports, Abbott emphasized how its “nutrition business ensures food safety through a tightly controlled manufacturing process that encompasses all steps from accepting materials from suppliers through to final product distribution.” Abbott represented that “we monitor and verify microbiology, packaging integrity, and nutrient and lot control. We complete extensive finished product testing before releasing it for commercial distribution.” Moreover, Abbott promised investors and the public that any complaints of safety or other concerns would be fully investigated and brought to the attention of the Company’s Chief Ethics Compliance Officer who in turn “monitors all government guidance.”
All things considered, there are reasons to suspect that:
1) The Company has long prioritized profit over children's health.
2) Informed investors in bad faith, and even misled on some important aspects of the business.
Alleged Offence
Mismanagement,
Misleading Statements,
Financial Misrepresentation,
Failure to Disclose,
Negligence,
Omissions
Suspected Party
Directors,
Management,
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08 June 2022
Court
Northern District of Illinois