According to the Complaint, Elanco Animal Health Incorporated develops, manufactures, and markets products for companion and food animals.

The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that, after consolidating its distributors from eight to four, the Company increased the amount of inventory, including companion animal products, held by each distributor; (2) that Elanco’s distributors were not experiencing sufficient demand to sell through the inventory; (3) that, as a result, the Company’s revenue was reasonably likely to decline; (4) that, as a result of the foregoing, Elanco would reduce its channel inventory with respect to companion animal products; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On September 2, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on November 9. Defendants filed a Motion to Dismiss the amended Complaint on January 13, 2021. On August 17, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint.

Plaintiffs filed a Motion to amend the Complaint on October 14, 2022. On September 27, 2023, the Court issued an Order denying Plaintiffs' Motion to amend and entered Final Judgment in favor of the Defendants.

Lead Plaintiff filed a notice appealing the Court's Judgment on October 25, 2023.