PHILADELPHIA, June 13, 2024 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating Charles River Laboratories Intl. (NYSE: CRL) (“Charles River”) on behalf of the company’s long-term shareholders.

Recently a securities fraud complaint was filed against Charles River on behalf of certain investors who purchased shares of the company’s stock between May 7, 2020 and March 15, 2023. According to the complaint, during that time period Charles River and certain of the company’s senior executives made a series of materially false and/or misleading statements about the company’s procurement of non-human primates (“NHPs”), and in particular, long-tailed macaques, from inherently suspicious suppliers.

The complaint further details how, through a series of partial disclosures, investors slowly learned the truth about the company’s prior misrepresentations and suffered economic damages as a result therefrom. For example, on February 22, 2023, Charles River disclosed that it had received a subpoena from the U.S. Department of Justice relating to an ongoing criminal investigation in conjunction with the U.S. Fish and Wildlife Service into the supply chain and trafficking of NHPs into the U.S. for research. On this news, Charles River’s stock price fell $24.51 per share, or over 10% in value, to close at $219.09 per share on February 22, 2023.

Similarly, on March 15, 2023, Charles River’s CEO admitted that the company “used non-preferred suppliers of long-tailed macaques from Cambodia: So there are no U.S. breeding sources. There are a couple of companies that sort of brokers that get animals from wherever. We have used those folks to some extent historically. … We prefer not to use them. Reputationally, I just don’t think they’re the best possible people to use. And I don’t actually think they care where the animals come from or what the background is.” On this news, Charles River’s stock price fell an additional $10.12 per share, or 5% in value, to close at $194.90 per share on March 15, 2023.

The investigation seeks to determine whether the members of Charles River’s board of directors violated the securities laws and/or breached their fiduciary duties in connection with the above alleged misconduct and disclosures.

Current Charles River shareholders who purchased or acquired shares of CRL stock prior to February 22, 2023 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750 for additional information about this investigation and their legal rights and options, or by clicking on the following link (or if necessary, by copying and pasting the link into your browser):

https://kaskelalaw.com/cases/charles-river-laboratories/

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.

CONTACT:

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
(skaskela@kaskelalaw.com)
Adrienne Bell, Esq.
(abell@kaskelalaw.com)
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com

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