SAN FRANCISCO, CA / ACCESSWIRE / April 7, 2023 / Hagens Berman urges Catalent, Inc. (NYSE:CTLT) investors who suffered substantial losses submit your losses now.
Class Period: Aug. 30, 2021- Oct. 31, 2022
Lead Plaintiff Deadline: Apr. 25, 2023
Visit: https://www.hbsslaw.com/investor-fraud/CTLT
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844-916-0895
Catalent, Inc. (CTLT) Securities Fraud Class Action:
The litigation focuses on Catalent's repeated claims that its drug product development and manufacturing were done under rigorous quality and operational standards, that its vaccines for COVID would be a sustaining and enduring source of revenue, and that its financial statements complied with Generally Accepted Accounting Principles ("GAAP").
According to the complaint, Defendants made misleading statements and failed to disclose that Catalent: (1) materially overstated its revenue and earnings by prematurely recognizing revenue in violation of GAAP; (2) had material weaknesses in its internal control over financial reporting related to revenue recognition; (3) falsely represented demand for its products while knowingly selling more products to its direct customers than could be sold to healthcare providers and end consumers; and (4) disregarded regulatory rules at key production facilities in order to rapidly produce excess inventory that was used to pad its financial results through premature revenue recognition in violation of GAAP and/or channel stuffing its direct...
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