Elanco(US:ELAN) Prnewswireยท2024-10-19 13:55Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Elanco Animal Health Incorporated due to allegations of misleading statements regarding the safety and approval timelines of its products, Zenrelia and Credelio Quattro [2][3]. Group 1: Legal Investigation and Class Action - The firm is encouraging investors who suffered losses exceeding $100,000 in Elanco between November 7, 2023, and June 26, 2024, to discuss their legal rights [1]. - There is a deadline of December 6, 2024, for investors to seek the role of lead plaintiff in a federal securities class action against Elanco [2]. - The lead plaintiff is defined as the investor with the largest financial interest who directs the litigation on behalf of the class [5]. Group 2: Allegations Against Elanco - The complaint alleges that Elanco and its executives violated federal securities laws by making false statements and failing to disclose critical safety information about Zenrelia [3]. - It is claimed that Elanco overstated its business and financial prospects, particularly regarding the approval timelines for Zenrelia and Credelio Quattro [3]. - Following a press release on June 27, 2024, which revealed safety concerns and delayed approval timelines, Elanco's stock price fell by $3.70 per share, or 20.59%, closing at $14.27 per share [4]. Group 3: Product Updates and Market Impact - Elanco's press release indicated that Zenrelia would likely include a boxed warning on safety, which could slow product adoption and limit treatment days by approximately 25% [4]. - The expected FDA approval for Zenrelia is now anticipated in the third quarter of 2024, with a potential commercial launch in the fourth quarter of 2024, while Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024 [4].