NEW YORK, May 11, 2020 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Elanco Animal Health Incorporated ("Elanco" or the "Company") (NYSE: ELAN) resulting from concerns about whether Elanco might have issued misleading information to the investing public.
On May 7, 2020, Elanco reported its financial and operating results for the first quarter of 2020. For the quarter, Elanco reported GAAP earnings per share of -$0.12, missing consensus estimates by $0.18, and revenue of $657.7 million, missing consensus estimates by $62.49 million. Explaining the Company's disappointing results, Elanco's President and Chief Executive Officer cited, among other factors, "distributor performance" and stated that Elanco intended "to tighten our approach across many facets of our distributor relationships."
On this news, Elanco's stock price fell $3.05 per share, or 13.3%, to close at $19.88 per share on May 7, 2020.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.