Elanco Animal Health (ELAN) Faces Scrutiny and Shareholder Investigation Over Delayed Product Launches – Hagens Berman
/EIN News/ -- SAN FRANCISCO, July 05, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Elanco Animal Health Incorporated (NYSE: ELAN) investors who suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/elan
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Investigation into Elanco Animal Health Incorporated (ELAN):
Elanco Animal Health is facing questions from investors regarding the accuracy of its previous statements concerning the commercial launch timelines for two key products. These products, Zenrelia, a dermatology treatment for pets, and Credelio Quattro, a broad-spectrum parasiticide, were positioned by Elanco as potential “blockbusters.”
On May 8, 2024, Elanco assured investors that both products had progressed significantly through the FDA approval process. The company expressed confidence that the FDA possessed all necessary data and anticipated complete technical section and label approvals before the end of June 2024. Elanco further projected a launch of Zenrelia in the third quarter and Credelio Quattro in the fourth quarter of 2024. This news resulted in a substantial increase of over 24% in Elanco's share price on May 8th.
But on June 27, 2024, Elanco significantly revised its launch timelines. The company now anticipates a fourth-quarter launch for Zenrelia, with a label carrying a “boxed warning on safety” due to trial results involving unvaccinated dogs. This warning is expected to impact the product’s adoption rate. Additionally, Elanco disclosed that the FDA deemed Credelio Quattro’s New Animal Drug Application (NADA) incomplete, pushing the targeted launch date to the first quarter of 2025.
This revised timeline announcement caused a significant decline in Elanco's share price, dropping over 20% on June 27, 2024.
The discrepancy between prior assurances and the revised timelines has prompted prominent shareholder rights firm Hagens Berman to open an investigation.
“We’re investigating whether Elanco may have misled investors about Zenrelia's safety and the completeness of the Credelio Quattro NADA,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Elanco Animal Health and have substantial losses submit your losses now »
If you’d like more information and answers to frequently asked questions about the Elanco case and our investigation, read more »
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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