Philadelphia, Pennsylvania--(Newsfile Corp. - June 7, 2023) - Berger Montague advises investors that a securities fraud class action lawsuit has been filed against Charles River Laboratories International, Inc. ("Charles River") (NYSE: CRL) on behalf of those who purchased Charles River securities between May 7, 2020 and February 21, 2023, inclusive (the "Class Period").
Investor Deadline: Investors who purchased or acquired Charles River securities during the Class Period may, no later than July 18, 2023, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: James Maro at [email protected] or (267) 637-3176, or Andrew Abramowitz at [email protected] or (215) 875-3015 or visit: https://investigations.bergermontague.com/charles-river-laboratories-securities-investigation/.
Charles River is a full-service, non-clinical global drug development partner with a mission to create healthier lives. The company has three reporting segments: Research Models and Services, Discovery and Safety Assessment, and Manufacturing Solutions. The Discovery and Safety Assessment segment accounts for approximately 60% of Charles River's total revenue and offers, among other things, safety assessment studies required for regulatory submission of therapeutic solutions.
The Class Period commences on May 7, 2020, when Charles River filed its Form 10-Q with the U.S. Securities and Exchange Commission ("SEC") for the quarter ended March 28, 2020.
On February 22, 2023, before the market opened, Charles River revealed that it had received a subpoena from the U.S. Department of Justice ("DOJ") relating to an ongoing investigation in conjunction with the U.S. Fish and Wildlife Service ("USFWS") into the supply chain and illegal importation of non-human primates for research.
In the company's Form 10-K for the period ended December 31, 2022, which was also filed on February 22, 2023, Charles River elaborated that "on February 17, 2023 the Company received a grand jury subpoena requesting certain documents related to such investigation. The Company is aware of a parallel civil investigation being undertaken by the DOJ and USFWS."
During an earnings call with investors that day, Charles River revealed that the investigation into the Cambodian non-human primate ("NHP") supply chain would reduce the annual revenue forecast by approximately 200 basis points to 400 basis points.
Following this news, Charles River's stock price fell $24.51, or 10%, to close at $219.09 per share on February 22, 2023.
The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Charles River had engaged in illegal activity with respect to its importation of non-human primates for research; (2) as a result, Charles River was at a heightened risk of criminal and regulatory investigation by, inter alia, the DOJ; (3) as a result, Charles River would be forced to suspend shipments of primates from Cambodia; and (4) as a result of the foregoing, Defendants' positive statements about Charles River's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Whistleblowers: Anyone with non-public information regarding Charles River is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., San Diego, San Francisco, Chicago, and Toronto has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contacts:
James Maro, Senior Counsel
Berger Montague
(267) 637-3176
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/169159
