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id: 592, Created by Stan Vick, Scout
Catalent (CTLT) Misleading Case
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D. New JerseyCourt
- Catalent (CTLT) warned that slow production at its facilities will affect 2023 results.
- CFO Thomas Castellano has stepped down.
- $CTLT lost over 26%. and $3B of MCap.
- Investors suspect Catalent & its Leaders of financial misrepresentation and misleading on business prospects.
On April 14, 2023, Catalent (CTLT), a contract drug manufacturer, warned that slow production at three of its facilities will affect its fiscal 2023 results. CFO Thomas Castellano has stepped down.
On this news, $CTLT dropped over 26%, injuring investors.
On November 1, 2022, Catalent (CTLT) revealed that its quarterly earnings had declined to zero and lowered its financial guidance, indicating falling demand.
The Company also disclosed that regulatory issues at its key facilities were negatively impacting its financial results.
On this news, Catalent's (CTLT) stock price declined over 31.7% over two trading sessions, seriously damaging Investors.
- Later, on November 16, 2022, Catalent (CTLT) revealed that it was carrying approx. $400 million in excess inventory, further revealing that the Company had misrepresented demand for its products as well as its purported ability to predict future demand. On this news, Catalent’s stock price declined by 8.5%.
- Then, on December 8, 2022, GlassHouse Research published a report claiming that Catalent had been materially overstating its revenues by $568.2 million in violation of GAAP. The report detailed numerous red flags that were indicative of Catalent’s improper accounting practices.
Taking all representations and appeared facts into account, Investors have reasons to suspect the Company and its Leaders of multiple misleading statements, that led to financial damage to shareholders.
Failure to Disclose,
Breach of Fiduciary duty,
Shock Event Date
14 April 2023
24 February 2023
Lead Plaintiff Deadline
24 April 2023
Hon. Zahid N. Quraishi