According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:

• according to the U.S. Food and Drug Administration (“FDA”), Abbott had “egregiously unsanitary” conditions at its Sturgis, Michigan facility which produced nearing half of Abbott’s various forms of infant formula under the brands Similac, Alimentum, and EleCare;
• as a result, Abbott’s infant formula business was in dire jeopardy given the flagrant violations of federal and state health and safety regulations;
• based on inspections by the FDA between 2019 and 2022, Abbott failed to establish process controls “designed to ensure that infant formula does not become adulterated due to the presence of microorganisms in the formula or in the processing environment” and Abbott also failed to “ensure that all surfaces that contacted infant formula were maintained to protect infant formula from being contaminated by any source”;
• the unhygienic conditions of the Sturgis facility resulted in the recall of Abbott’s infant formula and closure of the Sturgis facility; and
• as a result, defendants’ public statements about Abbott’s business, operations, and prospects were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

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