INVESTOR ALERT: Edelson Lechtzin LLP is Investigating Securities Fraud Claims Against Charles River Laboratories International, Inc. (NYSE: CRL)
NEWTOWN, PA, May 23, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers and holders of Charles River Laboratories International, Inc. (“Charles River”) (NYSE: CRL) common stock between May 5, 2020, and February 21, 2023, inclusive (the “Class Period”).
Investors who purchased Charles River Laboratories International, Inc. common stock may move the U.S. District Court for the District of Massachusetts to appoint them as lead plaintiff, no later than July 18, 2023. Current holders of Charles River stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Charles River Laboratories International, Inc.
Headquartered in Wilmington, MA, Charles River is a pharmaceutical company that helps customers expedite the development of drugs, chemicals, and medical devices. The company is divided into three segments: Research Models and Services, Discovery and Safety Assessment, and Manufacturing Solutions. They specialize in preclinical and clinical laboratory, gene therapy, and cell therapy services for the pharmaceutical, medical device, and biotechnology industries.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or omissions about the Company’s business, operations, and prospects, including that: (i) Charles River had engaged in illegal activity with respect to its importation of non-human primates for research; (ii) as a result, Charles River was at a heightened risk of criminal and regulatory investigation by the U.S. Department of Justice, among other agencies; and (iii) Charles River would be forced to suspend shipments of primates from Cambodia. In view of these developments, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On February 22, 2023, Charles River announced that it had received a subpoena from the U.S. Department of Justice regarding an ongoing investigation with the U.S. Fish and Wildlife Service on the illegal importation and supply chain of non-human primates for research purposes. The Company reported that it would voluntarily suspend shipments of primates from Cambodia, which would negatively affect its earnings for the year and reduce revenue growth by 200 to 400 basis points. On this news, Charles River’s stock price fell $24.51, or 10%, to close at $219.09 per share on February 22, 2023, on a usually heavy trading volume.
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.