NEW YORK, NY / ACCESSWIRE / June 15, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Elanco Animal Health Incorporated ("Elanco" or the "Company") (NYSE:ELAN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Elanco and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 7, 2020, Elanco reported its financial and operating results for the first quarter of 2020. For the quarter, Elanco reported GAAP earnings per share of -$0.12, missing consensus estimates by $0.18, and revenue of $657.7 million, missing consensus estimates by $62.49 million. Explaining the Company's disappointing results, Elanco's President and Chief Executive Officer cited, among other factors, "distributor performance" and stated that Elanco intended "to tighten our approach across many facets of our distributor relationships."
On this news, Elanco's stock price fell $3.05 per share, or 13.3%, to close at $19.88 per share on May 7, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP