Bragar Eagle & Squire, PC is reminding investors of this class action lawsuit

Bragar Eagle & Squire, PC is reminding investors of this class action lawsuit


NEW YORK, Oct. 12, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that class action lawsuits have been filed on behalf of Abbott Laboratories shareholders AWAYTuSimple Holdings, Inc. TSPKohl’s Corporation KSSand Bed Bath & Beyond, Inc. BBBY. Shareholders have until the deadlines below to petition the court to be lead plaintiff. For more information on each case, see the link provided.

Abbott Laboratories AWAY

Class Period: February 19, 2021 – June 8, 2022

Lead Plaintiff Deadline: October 31, 2022

Abbott manufactures several types of infant formula, including formula sold under the Similac, Alimentum, and EleCare brand names. Prior to February 2022, Abbott had produced 40% of the infant formula in the United States. Of these, almost half were manufactured at the Sturgis, MI manufacturing facility.

On February 17, 2022, the U.S. 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. Cronbacter sakazakii (“Cronbacter’) associated with infant disease and death. On the same day, Abbott issued a recall of certain infant formula products, including popular brands Similac, Alimentum and EleCare, all of which are manufactured in Sturgis.

As a result of the news, Abbott’s common stock fell more than 3%.

Then, on March 22, 2022, the FDA released reports on its three inspections of the Sturgis facility, conducted in September 2019, September 2021 and most recently between January 31, 2022 and March 18, 2022, “do not constitute final FDA determinations”. identified certain violations, but stressed that at its most recent inspection, (a) Abbott failed to…

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