The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Catalent, Inc. (NYSE: CTLT) securities between August 30, 2021 and October 31, 2022.
According to the Catalent lawsuit, throughout the Class Period defendants made 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.
If you suffered a loss in Catalent you have until April 25, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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