Glancy Prongay & Murray LLP ("GPM"), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Eli Lilly and Company ("Eli Lilly" or the "Company") (NYSE: LLY) investors concerning the Company's possible violations of the federal securities laws.
If you suffered a loss on your Eli Lilly investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/eli-lilly/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
In August 2020, Eli Lilly began a clinical trial to test whether adding the Company's antibody-based drug, LY-CoV555, to remdesivir would benefit patients diagnosed with COVID-19.
On October 13, 2020, the trial's sponsor, the National Institute of Allergy and Infectious Diseases ("NIAID") recommended that the trial be paused after an analysis of safety data found "an overall difference in clinical status between the group receiving LY-CoV555 and the group receiving saline placebo."
On this news, the Company's stock price fell $4.41, or 2.8%, to close at $150.08 per share on October 13, 2020.
The same day, after the market closed, Reuters reported that U.S. Food and Drug Administration ("FDA") inspectors "uncovered serious quality control problems" at Eli Lilly's pharmaceutical plant that will manufacture COVID-19 drugs, including its antibody therapy. The article further stated: "Following its November inspection, the FDA classified the problems as the most serious level of violation, resulting in an 'Official Action Indicated' (OAI) notice." Among other things, the FDA "found that data on the plant's various manufacturing processes had been deleted and not properly audited."
On this news, the Company's stock price fell sharply during intraday trading on October 14, 2020.
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Whistleblower Notice: Persons with non-public information regarding Eli Lilly should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM's nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM's lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM's attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM's past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron's, Investor's Business Daily, Forbes, and Money.
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SOURCE: Glancy Prongay & Murray LLP
Glancy Prongay & Murray LLP, Los Angeles Charles H. Linehan, 310-201-9150 or 888-773-9224 1925 Century Park East, Suite 2100 Los Angeles, CA 90067 www.glancylaw.com firstname.lastname@example.org