Neogen(US:NEOG) Globenewswire·2025-09-11 11:51Core Viewpoint - A class action lawsuit has been filed against Neogen Corporation for alleged misrepresentations regarding the integration of 3M and its impact on the company's financial health during the class period from January 5, 2023, to June 3, 2025 [2][4]. Summary by Sections Legal Action - The lawsuit is filed in the United States District Court for the Western District of Michigan on behalf of all individuals and entities who purchased Neogen common stock during the specified class period [2]. - Investors have until September 16, 2025, to apply to be appointed as lead plaintiff in the lawsuit [2]. Allegations - The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, claiming that Neogen's management misrepresented the status of the 3M integration and failed to disclose its negative financial impacts [4]. - Defendants allegedly issued false and misleading statements, leading investors to believe that the integration was progressing smoothly while downplaying integration inefficiencies [4]. Financial Disclosures - On January 10, 2025, Neogen disclosed a GAAP net income loss due to a $461 million non-cash goodwill impairment charge related to the 3M acquisition, leading to a 5% decline in stock price to $12.36 per share [5]. - In the following quarter, on April 9, 2025, Neogen reported a 3.4% revenue decline to $221 million and cut its FY25 guidance, resulting in a 28% drop in stock price to $5.02 per share [6]. - On June 4, 2025, Neogen projected an EBITDA margin drop to the high teens from the previous quarter's 22%, causing an additional 17% decline in stock price to $4.96 per share [7].