Did you lose money on investments in Charles River? If so, please visit Charles River Laboratories International, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, May 23, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Charles River Laboratories International, Inc. (“Charles River” or the “Company”) (NYSE: CRL) between May 5, 2020 and February 21, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Massachusetts and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
According to the Complaint, Charles River is a full-service, non-clinical global drug development partner with a mission to create healthier lives. The Company has three reporting segments: Research Models and Services, Discovery and Safety Assessment, and Manufacturing Solutions. The Discovery and Safety Assessment segment accounts for approximately 60% of the Company’s total revenue and offers, among other things, safety assessment studies required for regulatory submission of therapeutic solutions.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Defendants failed to disclose to investors that: (1) Charles River had engaged in illegal activity with respect to its importation of non-human primates for research; (2) as a result, Charles River was at a heightened risk of criminal and regulatory investigation by, inter alia, the U.S. Department of Justice; and (3) as a result, Charles River would be forced to suspend shipments of primates from Cambodia.
On February 22, 2023, before the market opened, Charles River revealed that it had received a subpoena from the U.S. Department of Justice (“DOJ”) relating to an ongoing investigation in conjunction with the U.S. Fish and Wildlife Service (“USFWS”) into the supply chain and illegal importation of non-human primates for research. The Company noted that it was voluntarily suspending shipments of primates from Cambodia, which would negatively impact its earnings for the year and would reduce revenue growth by 200 basis points to 400 basis points.
On this news, Charles River’s stock price fell $24.51, or 10%, to close at $219.09 per share on February 22, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than July 18, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Charles River securities, and/or would like to discuss your legal rights and options please visit Charles River Laboratories International, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
