Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Abbott Laboratories ABT on behalf of long-term stockholders following a class action complaint that was filed against Abbott on August 31, 2022 with a Class Period from February 19, 2021, to June 8, 2022. Our investigation concerns whether the board of directors of Abbott have breached their fiduciary duties to the company.
Abbott manufactures various forms of infant formula including formula sold under the brand names Similac, Alimentum, and EleCare. Prior to February 2022, Abbott had produced 40% of the United States' infant formula. Of that amount, nearly half was produced in its manufacturing facility in Sturgis, MI.
On February 17, 2022, the US Food and Drug Administration ("FDA") announced it was investigating four consumer complaints of infant illness related to powdered infant formula produced by Abbott Laboratories in Sturgis. The FDA stated that it had initiated an onsite inspection at the facility and to date had found several positive contamination results from environmental samples for a bacteria, Cronbacter sakazakii ("Cronbacter"), linked to infant illnesses and death. On the same day, Abbott issued a recall of certain infant formula products including the popular brands Similac, Alimentum, and EleCare, all manufactured in Sturgis.
On this news, the price of Abbott Laboratories common stock declined by more than 3%.
Then, on March...
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