Levi & Korsinsky LLP
11/08/2024 | Press release | Distributed by Public on 11/08/2024 12:43
Class Action Lawsuit Filed Againsts Elanco Animal Health
Investors are barking mad at Elanco Animal Health after it botched the rollout of two new canine drugs, Zenrelia and Credelia Quattro. Elanco repeatedly pushed back the rollout date for both drugs, and Zenrelia proved less safe than initially thought. After investors learned the truth, Elanco stock plummeted. Angry investors recently filed a class-action lawsuit against the company, hoping to recover some of their losses. According to the lawsuit, Elanco published ambitious statements about the release date for Zenrelia and Credelia Quattro, two prescription drugs for dogs. The pharmaceuticals were meant to be released in the first half of 2024. However, after being backed up several times, the release date was delayed the fourth quarter of 2024. Further, the Company revealed that Zenrelia would be released with a boxed safety warning because the drug showed safety problems, and executives expected this warning to slow the drug's profitability. Investors were shocked when they about learned of these problems in a June 2024 press release. Investors quickly sold off their shares, causing Elanco stock to drop more than 20% overnight. Shareholders are now joining the class action lawsuit in hopes of recovering some of their lost money.