NEW ORLEANS, Sept. 27, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until October 31, 2022 Lead plaintiff’s motions in a securities class action lawsuit against Abbott Laboratories AWAY, if you purchased the Company’s shares between February 19, 2021 and June 8, 2022 inclusive (the “Collection Period”). This lawsuit is pending in the United States District Court for the Northern District of Illinois.

get help

Abbott investors should visit us at https://claimsfiler.com/cases/nyse-abt-1/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.

About the lawsuit

Abbott and certain of its executives are accused of failing to disclose material information during the Class Period in violation of federal securities laws.

On February 17, 2022, the U.S. Food and Drug Administration (“FDA”) announced that its inspection of the company’s Sturgis, Michigan facility, prompted by consumer complaints about infant illnesses, returned multiple positive contamination results for the associated bacterium Cronobacter sakazakii had resulted in teething and death. On the same day, without mentioning the FDA investigation, the company recalled certain infant formula products, including popular brands Similac, Alimentum and EleCare, all of which were manufactured in Sturgis. Abbott shares fell $3.79 per share, or 3.14%, on the news.

Then, on March 22, 2022, the FDA reported that its most recent inspection, conducted between January 31, 2022 and March 18, 2022, while not dealing with “final FDA determinations,” found that the Company has not established process controls “to ensure that infant formula is not adulterated by the presence of microorganisms in the infant formula or in the processing environment” and has failed to “ensure that all surfaces that have come into contact with infant formula have been maintained to protect infant formula from contamination from any source”. About this message…