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NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors, who have between purchased or acquired the common stock of Abbott Laboratories (“Abbott” or the “Company”) (NYSE ABT). February 19, 2021 and June 8, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of Illinois alleging violations of the Securities Exchange Act of 1934.
Abbott offers a wide range of healthcare products, including various forms of infant formula such as Similac, Alimentum and EleCare. Prior to February 2022, Abbott had produced 40% of the infant formula in the United States. Of this amount, approximately 40% of the formula was manufactured by Abbott at its manufacturing facility in Sturgis, Michigan (“Sturgis”).
The plaintiff alleges that the defendants made false claims about the safety and merchantability of Abbott’s infant formula amid multiple violations of federal and state health and safety regulations at the company’s Sturgis facility.
On February 17, 2022, the Food and Drug Administration (“FDA”) announced that it was investigating four consumer complaints of infant diseases related to powdered infant formula manufactured by Abbott in Sturgis. The FDA said it has initiated an on-site inspection at the facility and, to date, has found multiple positive contamination results from environmental samples for a bacterium, Cronobacter sakazakii (“Cronobacter”), which has been linked to infant disease and death becomes.
On the same day, Abbott issued a recall of certain infant formula products, including the popular brands…
Read full story here https://www.benzinga.com/pressreleases/22/09/g29024384/abbott-laboratories-nyse-abt-shareholder-class-action-alert-bernstein-liebhard-llp-reminds-investo