Everything You Need to Know About the Abbott Laboratories Class Action Lawsuit

The Abbott Laboratories class action lawsuit seeks to represent purchasers or acquirers of Abbott Laboratories (NYSE: ABT) common stock between February 19, 2021 to June 8, 2022, inclusive (the "Class Period”).  Captioned Pembroke Pines Firefighters & Police Officers Pension Fund v. Abbott Laboratories, No. 22-cv-04661 (N.D. Ill.), the Abbott Laboratories class action lawsuit charges Abbott Laboratories and certain of its top executives with violations of the Securities Exchange Act of 1934.
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​​If you suffered losses in Abbott Laboratories stock and wish to serve as lead plaintiff of the Abbott Laboratories class action lawsuit, please provide your information below.  You can also contact Abbott Laboratories Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected].  Lead plaintiff motions for the Abbott Laboratories class action lawsuit must be filed with the court no later than October 25, 2022. If you suffered losses in Abbott Laboratories stock and have questions, please contact Abbott Laboratories Stock Loss Lawyer Timothy L. Miles today. Read on to learn everything you need to know about the Abbott Laboratories Class Action Lawsuit.

Contact Abbott Laboratories stock loss lawyer Timothy L. Miles today about an Abbott Laboratories class action lawsuit

Allegations in the Abbott Laboratories Class Action Lawsuit

​Abbott Laboratories manufactures various forms of infant formula, including formula sold under the brand names Similac, Alimentum, and EleCare.  Prior to February 2022, Abbott Laboratories had produced 40% of the United States’ infant formula.  Of that amount, nearly half was produced in its manufacturing facility in Sturgis, Michigan.
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The Abbott Laboratories class action lawsuit alleges that defendants put profitability ahead of children’s safety.  During the Class Period, Abbott Laboratories engaged in a scheme to maximize revenues and inflate its stock price while disregarding and then concealing lapses in safety protocols that ultimately were linked to serious infant illnesses and even deaths.
 
On February 17, 2022, the U.S. Food and Drug Administration (“FDA”) announced that it was investigating four consumer complaints of infant illness related to powdered infant formula produced by Abbott Laboratories in Sturgis.  The FDA stated that it had initiated an onsite inspection at the facility, and to date had found several positive contamination results from environmental samples for a bacteria, Cronobacter sakazakii (“Cronobacter”), linked to infant illnesses and death.  On the same day, Abbott Laboratories issued a recall of certain infant formula products, including the popular brands Similac, Alimentum and EleCare, all manufactured in Sturgis.  On this news, the price of Abbott Laboratories common stock declined by more than 3%.
 
Then, on March 22, 2022, the FDA released reports from its three inspections of the Sturgis facility conducted in September 2019, September 2021, and, most recently, between January 31, 2022 and March 18, 2022.  The FDA stated that these reports “do not constitute final FDA determinations” of specific violations, but highlighted that during its most recent inspection that (a) Abbott failed to establish process controls “designed to ensure that infant formula does not become adulterated due to the presence of microorganisms in the formula or in the processing environment” and (b) Abbott failed to “ensure that all surfaces that contacted infant formula were maintained to protect infant formula from being contaminated by any source.”  On this news, Abbott Laboratories’ stock price fell by an additional 4%.
 
On April 28, 2022, the FDA released a redacted copy of a whistleblower complaint sent to the FDA in October 2021, revealing that the issues disclosed in February and March 2022 were actually known to Abbott Laboratories’ management far earlier.  The whistleblower complaint identified numerous serious examples of misconduct by Abbott Laboratories management at Sturgis, including the falsification of testing records, the release of untested infant formula to the market, efforts to mislead the FDA during its 2019 inspection audit, the continuation of known deficient testing procedures, and an inability to trace products to properly implement recalls of affected pallets of formula.  On this news, Abbott Laboratories’ stock price fell nearly 4%.
 
Finally, on June 8, 2022, investors learned that Abbott Laboratories was aware of the whistleblower’s formal allegations in early 2021, when it was reported that the FDA whistleblower had filed a complaint in February 2021 with the U.S. Labor Department’s Occupational Safety & Health Administration (“OSHA”), and that OSHA delivered that complaint to Abbott Laboratories and the FDA during the same month.  On this news, Abbott Laboratories’ stock price fell by an additional 3.5%, further damaging investors.

The Lead Plaintiff Process in the Abbott Laboratories Class Action Lawsuit

​The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Abbott Laboratories stock to seek appointment as lead plaintiff in the Abbott Laboratories class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit.  An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Abbott Laboratories ​stock, and have further questions, contact Abbott Laboratories Stock Loss Lawyer Timothy L. Miles today.

How Can an Abbott Laboratories Stock Loss Lawyer Help Me?

​An Abbott Laboratories Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. An Abbott Laboratories Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as an Abbott Laboratories Stock Loss Lawyer who will work to recover the losses you sustained through an Abbott Laboratories​ ​​Class Action lawsuit.​

Contact an Abbott Laboratories Stock Loss Lawyer if You Suffered Losses in Abbott Laboratories Stock

If you suffered losses in Abbott Laboratories stock, contact Abbott Laboratories stock loss lawyer Timothy L. Miles today about an Abbott Laboratories class action lawsuit, and see what an Abbott Laboratories Stock Loss Lawyer can do for you. 

Timothy L. Miles, Esq.

A TG Therapeutics Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A TG Therapeutics Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional. While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a TG Therapeutics Stock Loss Lawyer who will work to recover the losses you sustained through a TG Therapeutics ​​Class Action lawsuit.​