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Abbott Laboratories Investors File Lawsuit Against Directors Alleging Breaches Of Fiduciary Duties

  • If you purchased shares of Abbott Laboratories (NYSE: ABT), and / or if you have any information relating the investigation including those who are former employees or/and whistleblowers, you may have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Abbott Laboratories
Security
NYSE: ABT

Case Name
Abbott Laboratories Shareholder Derivative Action 11/28/2011
Type of Lawsuit
Stockholder Derivative Action
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Summary

San Diego, Nov. 28, 2011 (Shareholders Foundation) -- An investor in NYSE ABT shares filed a lawsuit against directors of Abbott Laboratories (NYSE: ABT) over alleged breaches of fiduciary duty in connection with alleged off-label marketing of Depakote that cost Abbott Laboratories $1.3billion settlement with the US Government and 24 states.
According to the complaint the plaintiff alleges that certain of officers and directors Abbott Laboratories breached their fiduciary duties in connection with alleged off-label marketing of Abbott Laboratories' anti-seizure drug Depakote and Depakote ER. On October 19, 2011, Abbott Laboratories disclosed in a filing with the U.S. Securities and Exchange Commission (“SEC”) among other things that Abbott Laboratories had reserved $1.5 billion related to ongoing settlement discussions in the previously disclosed investigation by the U.S. Department of Justice…related to Depakote.

Shares of Abbott Laboratories (Public, NYSE:ABT) traded during May 2009 as low as $41.52 per share and rose during 2010 as high as over $55 per share. In 2011 NYSE: ABT shares rose from as low as $45.49 per share in January to $54.53 per share on November 11, 2011. However, despite that Abbott Laboratories reported an increase in its annual Revenue from $25.91billion in 2007 to $35.16billion in 2010, its Net Income fell from $5.74billion for '09 to $4.62billion in 2010.