Inotiv, Inc.
| Company Name | Inotiv, Inc. |
| Stock Symbol | NOTV |
| Class Period | September 21, 2021 to June 13, 2022 |
| Lead Plaintiff Motion Deadline | August 22, 2022 |
On May 20, 2022, after the market closed, Inotiv disclosed that, after executing a search and seizure warrant at one of the Company’s facilities, the U.S. Department of Justice filed a complaint alleging violations of the Animal Welfare Act (“AWA”) at Inotiv’s Cumberland, Virginia facility.
On this news, Inotiv’s stock fell $5.19, or 28.3%, to close at $13.14 per share on May 23, 2022, thereby injuring investors.
Then, on June 13, 2022, after the market closed, Inotiv announced the closure of two of its facilities.
On this news, Inotiv’s stock fell $0.25, or 2%, to close at $12.78 per share on June 14, 2022, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Envigo and Inotiv’s Cumberland, Virginia facility (the “Cumberland Facility”) engaged in widespread and flagrant violations of the AWA; (2) Envigo and Inotiv’s Cumberland Facility continuously violated the AWA; (3) Envigo and Inotiv did not properly remedy issues with regards to animal welfare at the Cumberland Facility; (4) as a result, Inotiv was likely to face increased scrutiny and governmental action; (5) Inotiv would imminently shut down two facilities, including the Cumberland Facility; (6) Inotiv did not engage in proper due diligence; and (7) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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