The Law Offices of Timothy L. Miles Reminds Investors that Inotiv, Inc. Sued for Misleading Shareholders
A class action lawsuit was filed by an investor of Inotiv for violations of the Securities Exchange Act of 1934
lInotiv, Inc. (NASDAQ:NOTV)
— Timothy L. Miles
NASHVILLE, TENNESSEE, UNITED STATES, July 16, 2022 /EINPresswire.com/ — The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, reminds investors that a purchaser of Inotiv, Inc. (NASDAQ: NOTV) who suffered losses in Inotiv stock, filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934. The Inotiv class action lawsuit seeks to represent purchasers or acquirers of Inotiv securities between September 21, 2021 and June 13, 2022, inclusive (the “Class Period”). The Inotiv class action lawsuit – captioned Grobler v. Inotiv, Inc., No. 22-cv-00045 (N.D. Ind.) – charges Inotiv and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses as a result of Inotiv’s misconduct, please visit us here.
Inotiv Accused of Misleading Shareholders
Inotiv purports to be a contract research organization which provides nonclinical and analytical drug discovery and development services and research models and related products and services. On November 5, 2021, Inotiv completed its acquisition of Envigo RMS, LLC (“Envigo”) which is now a direct, wholly owned subsidiary of Inotiv.
The Inotiv class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Envigo and Inotiv’s Cumberland, Virginia facility engaged in widespread and flagrant violations of the Animal Welfare Act of 1966 (“AWA”); (ii) Envigo and Inotiv’s Cumberland facility continuously violated the AWA; (iii) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland facility; (iv) as a result, Inotiv was likely to face increased scrutiny and governmental action; (v) Inotiv would imminently shut down two facilities, including the Cumberland facility; (vi) Inotiv did not engage in proper due diligence; and (vii) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On May 20, 2022, Inotiv announced the search and seizure at its Cumberland facility and the filing of a United States Department of Justice complaint “alleging violations of the Animal Welfare Act at the Cumberland, Virginia facility.” The following day, on May 21, 2022, Judge Moon of the United States District Court for the Western District of Virginia issued a temporary restraining order which stated the following pertinent details regarding the Cumberland facility: “Over 300 beagle puppies have died onsite due to ‘unknown causes’ over seven months;” “[n]ursing female beagles were denied food, and so they (and their litters) were unable to get adequate nutrition;” “[o]ver an eight-week period, 25 beagle puppies died from cold exposure;” “[p]erhaps the most heinous discovery of the November 2021 inspection was that Envigo had allowed staff to euthanize dogs without anesthesia, in violation of the facility’s own program of care;” and “[t]he Government contends that Envigo has consistently failed, despite repeated warnings and opportunities for correction, to meet its obligations under AWA’s implementing regulations to provide adequate veterinary care . . . [b]ased on the overwhelming evidence produced by the Government, the Court agrees.” On this news, Inotiv’s share price fell by approximately 28%.
Then, on June 13, 2022, Inotiv announced the closing of two Envigo facilities – the purpose-bred canine facility in Cumberland and a rodent breeding facility in Dublin – mere months after the acquisition. On this news, Inotiv’s share price fell an additional 2%, further damaging investors who suffered losses in Inotiv stock.
Inotiv Shareholders Urged to Contact the Firm
If you purchased Inotiv securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click here or contact Timothy L. Miles, Esquire, toll free at 888-Tim-M-Law (855-846-6529), or by email to firstname.lastname@example.org. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer and a 2022 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
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