Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Charles River Laboratories International, Inc. (CRL)
News provided byKessler Topaz Meltzer & Check LLP
May 26, 2023, 1:28 PM ET
RADNOR, Pa., May 26, 2023 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been filed in the United States District Court for the District of Massachusetts against Charles River Laboratories International, Inc. (“Charles River”) (NYSE: CRL). The action charges Charles River with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Charles River’s materially misleading statements and omissions to the public, Charles River’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR CHARLES RIVER LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/charles-river-laboratories-international-inc?utm_source=PR&utm_medium=link&utm_campaign=crl&mktm=r
LEAD PLAINTIFF DEADLINE: JULY 18, 2023
CLASS PERIOD: MAY 5, 2020 THROUGH FEBRUARY 21, 2023
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
CHARLES RIVER’S ALLEGED MISCONDUCT
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 the company’s total revenue and offers, among other things, safety assessment studies required for regulatory submission of therapeutic solutions.
On February 22, 2023, Charles River revealed that the company had received a subpoena from the U.S. Department of Justice relating to an ongoing investigation in conjunction with the U.S. Fish and Wildlife Service into the supply chain and illegal importation of non-human primates for research. On the same day, during an earnings call with investors, James C. Foster, the company’s CEO, stated that the “investigation in current [non-human primate] supply situation will result in study delays in our Safety Assessment business.” He further stated that the investigation into the Cambodian non-human primate chain would reduce the annual revenue forecast by approximately 200 basis points to 400 basis points.
Following this news, the price of Charles River shares declined by $24.51 per share, or approximately 10.06%, from $243.60 per share to close at $219.09 on February 22, 2023.
WHAT CAN I DO?
Charles River investors may, no later than July 18, 2023, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Charles River investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Charles River, captioned Coleman v. Charles River Laboratories International, Inc., et al, Case No. 23-cv-11132, is filed in the United States District Court for the District of Massachusetts before the Honorable Denise Jefferson Casper.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
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 affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
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