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PRNewswire 17-Mar-2023 5:45 AM
NEW YORK, March 17, 2023 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Catalent, Inc. (NYSE:CTLT).
To receive updates on the lawsuit, fill out the form:
The lawsuit seeks to recover losses for shareholders who purchased Catalent between August 30, 2021 and October 31, 2022.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until April 25, 2023 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Catalent, Inc. issued materially false and/or misleading statements and/or failed to disclose that: a) Catalent materially overstated its revenue and earnings by prematurely recognizing revenue in violation of U.S. Generally Accepted Accounting Principles ("GAAP"); b) Catalent had material weaknesses in its internal control over financial reporting related to revenue recognition; c) Catalent falsely represented demand for its products while it knowingly sold more product to its direct customers than could be sold to healthcare providers and end consumers; d) Catalent disregarded regulatory rules at key production facilities in order to rapidly produce excess inventory that was used to pad the Company's financial results through premature revenue recognition in violation of GAAP and/or stuffing its direct customers with this excess inventory; and e) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about the Company's financial performance, outlook, and regulatory compliance during the class period.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
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View original content:https://www.prnewswire.com/news-releases/ctlt-shareholder-alert-jakubowitz-law-reminds-catalent-shareholders-of-a-lead-plaintiff-deadline-of-april-25-2023-301774660.html
SOURCE Jakubowitz Law