ELANCO SHAREHOLDER ALERT BY FORMER LOUISIANA ATTORNEY GENERAL: Kahn Swick & Foti, LLC Reminds Investors with Losses in Excess of $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Elanco Animal Health Incorporated - ELAN
NEW ORLEANS, May 22, 2020 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have untilJuly 20, 2020 to file lead plaintiff applications in a securities class action lawsuit against Elanco Animal Health Incorporated (NYSE: ELAN), if they purchased the Company's securities between January 10, 2020 and May 6, 2020, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Indiana.
What You May Do
If you purchased securities of Elanco and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-elan/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 20, 2020.
About the Lawsuit
Elanco and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 7, 2020, pre-market, the Company disclosed disappointing 1Q2020 financial results including revenue of $657.7 million and earnings per share of -$0.12, reflecting "a reduction of approximately $60 million in channel inventory" due in part to "distributor performance," and that the Company planned "to tighten [its] approach across many facets of [its] distributor relationships."
On this news, the price of Elanco's shares plummeted over 13%, to close at $19.88 per share on May 7, 2020, on unusually heavy trading volume.
The case is Hunter v. Elanco Animal Health Incorporated, et al., No. 20-cv-01460.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.