LOS ANGELES, Oct. 27, 2022 (GLOBE NEWSWIRE) — The law firm of Portnoy is informing investors of Abbott Laboratories (“Abbott” or the “Company”) (NYSE: ABT) that a class action lawsuit has been filed on behalf of investors.

Abbott investors who have lost more than $500,000 on their investment are encouraged to do so Contact Lesley Portnoy, Esq.

Please contact an attorney Lesley F Portnoyby phone 844-767-8529 or E-mail: [email protected] to discuss your legal rights, or click here to join the case about www.portnoylaw.com. Portnoy Law Firm can provide a free case assessment and discuss investors’ options for making claims to recover their losses.

Abbott is a medical technology and healthcare company that offers a wide range of products, including various types of infant formula sold under the Similac, Alimentum and EleCare brand names. By early 2022, Abbott was responsible for manufacturing 40 percent of infant formula in the United States. Of that amount, nearly half was manufactured at the Company’s Sturgis, Michigan manufacturing facility (“Sturgis”), meaning that Abbott’s Sturgis facility fed approximately one in six formula-fed babies in the United States.

The lawsuit alleges that during the class period, the defendants made numerous materially false and misleading statements and omissions regarding conditions at the Company’s Sturgis facility that the U.S. Food and Drug Administration (“FDA”) described as “extremely unsanitary”. have made. In particular, the Defendants have repeatedly touted to investors the safety and salability of Abbott’s infant formula brands and their contribution to the Company’s sales and earnings growth.

In truth, Abbott’s Sturgis plant flagrantly violated several federal and state health and safety regulations. These violations, which defendants knowingly or recklessly withheld from investors, seriously jeopardized Abbott’s infant formula business and placed the company at greater risk…