The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of those who acquired Charles River Laboratories International, Inc. (“Charles River” or the “Company”) (NYSE: CRL) securities during the period from May 5, 2020 through February 21, 2023 (the “Class Period”). Investors have until July 18, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Charles River provides clinical tests and drug development services internationally.
On February 22, 2023, Charles River issued a press release announcing its fourth quarter and full year 2022 financial results, which also 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, Defendant James C. Foster, the Company’s Chief Executive Officer, 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. On 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.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (1) Charles River had engaged in illegal activity with respect to its importation of non-human primates for research; (2) as a result, Charles River was at a heightened risk of criminal and regulatory investigation by the U.S. Department of Justice; and (3) as a result, Charles River would be forced to suspend shipments of primates from Cambodia.
If you purchased or otherwise acquired Charles River securities, have information, or would like to learn more about this lawsuit and how it might affect your rights, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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