INVESTOR ALERT: Edelson Lechtzin LLP Urges Catalent, Inc. (NYSE: CTLT) Shareholders with Substantial Losses to Consider Seeking Leadership in the Securities Fraud Class Action
NEWTOWN, PA, May 9, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Catalent, Inc. (“Catalent” or the “Company”) (NYSE: CTLT) common stock.
Background on Catalent, Inc.
Headquartered in Somerset, New Jersey, Catalent is a global provider of delivery technologies, development, drug manufacturing, biologics, gene therapies, and consumer health products to optimize product development, launch, and full life-cycle supply for patients worldwide.
On May 8, 2023, Catalent announced that it would be delaying the release of its third-quarter earnings report, which was originally set to be released on Tuesday, May 9, 2023. Instead, they now expect to release these results on May 15, 2023. The Company also stated they expect to reduce its net revenue and Adjusted EBITDA guidance by at least $400 million each. On this news, the price of Catalent stock plummeted to $34 a share, a drop of 28%.
This news follows reports of productivity issues at multiple Catalent manufacturing locations dating back to April. Improvements were made to operational controls, but this resulted in reduced productivity levels.
“We are dissatisfied with our recent results and are taking the necessary steps to address the issues that negatively impacted our performance, which fell well short of our prior projections,” said Alessandro Maselli, President and Chief Executive Officer of Catalent.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.