Shareholder rights law firm Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of investors of Catalent, Inc. (NYSE: CTLT). The class action is on behalf of shareholders who purchased Catalent securities between August 30, 2021 and October 31, 2022, inclusive (the “Class Period”). Investors are hereby notified that they have until April 25, 2023, to move the Court to serve as lead plaintiff in this action.
What actions may I take at this time? If you suffered a loss and are interested in learning more about being a lead plaintiff, please contact Jim Baker (jimb@johnsonfistel.com) by email or phone at 619-814-4471. If emailing, please include a phone number.
To join this action, you can click or copy and paste the link below into a browser:
https://www.cognitoforms.com/JohnsonFistel/CatalentInc
There is no cost or obligation to you.
The Catalent class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Catalent materially overstated its revenue and earnings by prematurely recognizing revenue in violation of U.S. Generally Accepted Accounting Principles (“GAAP”); (ii) Catalent had material weaknesses in its internal controls over financial reporting related to revenue recognition; (iii) Catalent falsely represented demand for its products while it knowingly sold more products to its direct customers than could be sold to healthcare providers and end consumers; and (iv) Catalent disregarded regulatory rules at key production facilities in order to rapidly produce excess inventory that was used to pad Catalent’s financial results through premature revenue recognition in violation of GAAP and/or stuffing its direct customers with excess inventory.
Then on April 14, 2023, after the class action complaint was filed, the Company warned that low production at three of its facilities and higher costs would impact its fiscal 2023 results and said its CFO Thomas Castellano has stepped down, sending its shares down 20% in pre-market trading.
A lead plaintiff will act on behalf of all other class members in directing the Catalent class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the Catalent class action lawsuit is not dependent upon serving as lead plaintiff.
For more information regarding the lead plaintiff process please refer to https://www.johnsonfistel.com/lead-plaintiff-deadlines.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. Johnson Fistel seeks to recover losses incurred due to violations of federal securities laws. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230414005286/en/
Contacts
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
