Abbott Laboratories Misled Investors Claimed in Lawsuit by Much Shelist Freed Denenberg Ament & Rubenstein, P.C. On Behalf of Investors.CHICAGO--(BUSINESS WIRE)--Nov. 5, 1999-- Much Shelist Freed Denenberg Ament a·ment n. A person whose intellectual capacity remains undeveloped. & Rubenstein, P.C. announced that on Nov. 5, 1999, it filed a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax for violations of the federal securities laws in the United States District Court for the Northern District of Illinois The United States District Court for the Northern District of Illinois is the Federal district court whose jurisdiction comprises the following counties, divided into two divisions: against Abbott Laboratories (NYSE NYSE See: New York Stock Exchange :ABT) and its two highest officers, on behalf of all persons who purchased Abbott common stock between March 17, 1999 and Sept. 29, 1999, inclusive, Case No. 99C-7229. The Complaint charges that Abbott and two of its highest officers violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The Complaint alleges that defendants misled investors by concealing important information about an FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. audit of its diagnostic devices manufacturing facility. According to the Complaint, the deficiencies discovered in this audit led the government to file a civil suit against Abbott, which settled when Abbott paid a $100 million fine and discontinued production of many diagnostic products. The Complaint alleges that all defendants were fully aware of the deficiencies enumerated This term is often used in law as equivalent to mentioned specifically, designated, or expressly named or granted; as in speaking of enumerated governmental powers, items of property, or articles in a tariff schedule. by the FDA audit because they received a detailed letter from the FDA on March 17. The Complaint further alleges that one defendant utilized his inside information regarding the artificial inflation of the Company's stock prices to sell significant amounts of his personal Abbott stock holdings. In addition, the complaint alleges that the artificial inflation of the price of Abbott stock permitted the company to pursue two stock acquisitions of other companies under favorable terms. If you purchased Abbott common stock during the March 17, 1999, through September 29, 1999 period, you may wish to join the action. You may move the court to serve as a lead plaintiff on or before Dec. 20, 1999. The law firm of Much Shelist Freed Denenberg Ament & Rubenstein, P.C., represents plaintiffs in complex litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The firm has extensive experience in representing plaintiffs in class action litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries in excess of one billion dollars to investors. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may call or write to: |
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