April 27, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Eli Lilly and Co (NYSE:LLY) shares over potential securities laws violations by Eli Lilly and Co and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Eli Lilly and Co (NYSE:LLY) concerning whether a series of statements by Eli Lilly and Co regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Eli Lilly and Co reported that its annual Total Revenue rose from over $19.95 billion in 2015 to over $21.22 billion in 2016 and that its Net Income rose from over $2.4 billion in 2105 to over $2.73 billion in 2016.

Shares of Eli Lilly and Co (NYSE:LLY) grew from $65.97 per share in late 2016 to as high as $86.34 per share on April 12, 2017.

On April 14, 2017, Eli Lilly and Co revealed that the U.S. Food and Drug Administration ('FDA') had rejected the new drug application for baricitinib, a once-daily rheumatoid arthritis treatment developed in collaboration with Incyte Corporation. Eli Lilly and Co informed investors that the FDA asked for additional data to 'characterize safety concerns across treatment arms' and to determine 'the most appropriate doses.

Shares of Eli Lilly and Co (NYSE:LLY) declined on April 19, 2017 to $79.88 per share.

On April 27, 2017, NYSE:LLY shares closed at $81.33 per share.