Los Angeles, CA - (NewMediaWire) - October 16, 2020 - The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Eli Lilly and Company (“Eli Lilly” or “the Company”) (NYSE: LLY) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. On October 13, 2020, the National Institute of Allergy and Infectious Diseases (NIAID) recommended a pause on the trial of adding Eli Lilly’s antibody-based drug, LY-CoV555, to remdesivir for the treatment of COVID-19. The same day, Reuters reported that FDA inspectors "uncovered serious quality control problems" at the Company’s plant that will manufacture COVID-19 drugs. The article continued, "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 violations, the FDA "found that data on the plant’s various manufacturing processes had been deleted and not properly audited." Based on this news, shares of Eli Lilly fell in intraday trading.
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Brian Schall, Esq.