Catalent, Inc. Securities Class Litigation
Securities class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of Catalent, Inc. (“Catalent” or the “Company”) (NYSE: CTLT) from August 30, 2021 through October 31, 2022, inclusive (the “Class Period”).
If you purchased or otherwise acquired Catalent securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than April 25, 2023. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
CTLT investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff complete the form below, text or email email@example.com, or call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358.
Background on the Catalent Securities Class Litigation
Catalent is a Somerset, New Jersey-based multinational corporation that provides development and manufacturing services for pharmaceutical companies. Relevant to this action, in 2020, Catalent contracted with several COVID-19 vaccine manufacturers, including Moderna and AstraZeneca, to provide vial filling and packaging services, including at its plant in Bloomington, Indiana.
The securities class action alleges that, throughout the Class Period, Catalent and certain of its senior executives and directors made materially false and misleading statements and failed to disclose that: (1) Catalent was overstating its revenues and demand for its COVID-19 manufacturing services; and (2) there were numerous operational and safety issues at Catalent’s Bloomington plant that led the FDA to hold back 10 million doses of Moderna’s COVID-19 vaccine that were filled and packaged at the plant.
Investors began to learn of defendants’ fraud on August 29, 2022, when Catalent disclosed below-projection sales. On this news, Catalent’s share price fell $7.42, or 7.4%, to close at $92.28 on August 30, 2022.
On September 21, 2022, news reports revealed that the FDA had been aware of “potential safety concerns at the Catalent plant in late August” causing the agency to hold back “more than 10 million doses” of Moderna’s COVID-19 vaccine. In response to this news, Catalent’s share price fell $8.09, or 9.3%, across two trading days to close at $79.06 on September 22, 2022.
On November 1, 2022, Catelent’s quarterly report further revealed defendants’ fraud by disclosing that the company’s earnings had fallen to zero and downgrading Catalent’s FY2023 revenue guidance by $300 million. In response to this news, Catalent’s share price fell $20.83, or 31.7%, across two trading days to close at $44.90 on November 2, 2022.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Munich, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Recognized as a “Plaintiffs’ Powerhouse” by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $127 billion in verdicts and settlements. Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In 2021, The American Lawyer named our firm its “Boutique Litigation Firm of the Year.” Benchmark Litigation has named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America,” and listed us as its “2020 California Plaintiff Firm of the Year.” Lieff Cabraser is committed to ensuring access to justice for all.