SAN FRANCISCO, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Animal health company Elanco (ELAN) and its most senior executives are the targets of a securities class action suit, alleging that they downplayed potential safety concerns related to Elanco's new oral Janus kinase inhibitor, Zenrelia, while overstating its prospects for a rapid U.S. market entry.
Class Action Lawsuit Against Elanco Animal Health Incorporated (ELAN):
Elanco is an animal health company that develops, manufactures, and markets products for pets and farm animals. The Company is developing, among other drugs, Zenrelia, a "safe, highly effective, and convenient" once-daily oral Janus kinase inhibitor for canine dermatology, and Credelio Quattro, a broad spectrum parasiticide product for dogs.
In November 2023, Elanco set a timeline for U.S. approval of both Zenrelia and Credelio Quattro in the first half of 2024.
The complaint alleges that Defendants misrepresented and failed to disclose that: (i) Zenrelia was less safe than the Company had led investors to believe; (ii) Elanco was unlikely to meet its own previously issued timeline for the U.S. approval and commercial launch of both Zenrelia and Credelio Quattro; and (iii) accordingly, the Company's business and/or financial prospects were overstated.
"Our focus is on determining whether Elanco's representations about Zenrelia's safety were accurate and truthful," said Reed Kathrein, lead partner at Hagens Berman.
If you invested in Elanco Animal Health and have substantial losses submit your losses now.
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm 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.