Elanco Animal Health and several of its senior executives are facing a lawsuit for alleged violations of federal securities laws.
The lawsuit, brought by Bleichmar Fonti & Auld (BFA Law), claims Elanco Animal Health is facing scrutiny over two key treatments under review by the U.S. Food and Drug Administration (FDA): Zenrelia, a drug for canine dermatitis, and Credelio Quattro, an oral parasiticide for fleas, ticks and internal parasites.
The company initially assured investors that all necessary data had been submitted and that FDA approval, including labeling, was expected by the end of June 2024. On June 27, 2024, however, Elanco announced the FDA would likely not approve either drug by that deadline, and Zenrelia would carry a boxed safety warning.
Following this news, Elanco's stock dropped 21%, from $17.97 to $14.27 per share. BFA Law is investigating whether Elanco and its executives provided false or misleading information to investors regarding the FDA approval process.
The case, titled Barpar v. Elanco Animal Health Incorporated, et al., No. 24-cv-02912, is being heard in the U.S. District Court for Maryland.
Petfood Industry contacted Elanco Animal Health for comment but received no response by the time of publication.
Elanco announces approvals in fall 2024
On September 19, 2024, Elanco announced the FDA had approved Zenrelia, a once-daily oral JAK inhibitor for dogs with allergic and atopic dermatitis. The company has launched the product in the U.S. with product shipping soon.
On October 7, 2024, Elanco announced the FDA approval of Credelio Quattro, a one/month chewable tablets with protection against six types of parasites -- fleas, ticks, heartworms, roundworms, hookworms and tapeworms.
For more information on the lawsuit, contact BFA Law.
