August 7, 2024
A Chicago federal judge on Wednesday substantially trimmed a derivative suit accusing Abbott Laboratories leaders of concealing known safety issues related to recalled infant formula but rejected the defendants’ argument that tossing the suit in its entirety was in shareholders’ “best interest.”
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Carol Gilden of Cohen Milstein Sellers & Toll PLLC, a co-lead counsel for the investors, said in a statement to Law360 that they are “very pleased with the court’s decision, allowing our shareholder derivative lawsuit against Abbott Laboratories’ board of directors to move forward.”
“Their handling of the FDA’s concerns over contaminated baby formula led to a national crisis, impacting families and badly damaging Abbott and the company’s reputation,” Gilden said. “We look forward to holding them accountable.”
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The investors are represented by Geoffrey M. Johnson, Jing-Li Yu, Tyler C. Yagman and Joseph A. Pettigrew of Scott + Scott Attorneys at Law LLP and Carol V. Gilden, Richard Speirs, Amy Miller, Steven J. Toll and Molly Bowen of Cohen Milstein Sellers & Toll PLLC.
Read Abbott Brass Trim But Can’t Nix Investors’ Formula Recall Suit.