Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into Abbott Laboratories (NYSE: ABT).
In early 2022, the Company’s Sturgis, Michigan facility, was the subject of inspections by the U.S. Food and Drug Administration (“FDA”) that yielded several positive contamination results for the Cronobacter sakazakii bacteria, linked to infant illnesses and death, and a determination that the Company failed to establish process controls “designed to ensure that infant formula does not become adulterated due to the presence of microorganisms in the formula or in the processing environment” and failed to “ensure that all surfaces that contacted infant formula were maintained to protect infant formula from being contaminated by any source.” Then, in June 2022, it was reported that a whistleblower complaint identifying numerous serious examples of misconduct at Sturgis related to the above had been filed with the U.S. Occupational Safety & Health Administration (“OSHA”) in February 2021, and that OSHA had delivered that complaint to Abbott Laboratories and the FDA during the same month.
Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period in violation of federal securities laws, which remains pending.
KSF’s investigation is focusing on whether Abbott’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of Abbott shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-abt/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner