NEW ORLEANS, La., April 19, 2024 /PRNewswire/ — Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into Inotiv, Inc. (NasdaqCM: NOTV).

On November 5, 2021, the Company completed its purchase of Envigo RMS, LLC (“Envigo”) after several months of discussion and due diligence reviews. However, from July 2021 onward, Envigo’s Cumberland Facility had been charged with numerous serious violations, many repeated, of the Animal Welfare Act (“AWA”) for cruel and inhumane treatment of dogs intended for scientific research use. The violations culminated with the execution of a federal search warrant at the facility on May 18, 2022 and a lawsuit filed on May 19, 2022 by the U.S. Attorney General against Envigo for violations of the AWA. Notably, the Company failed to detect and/or otherwise remedy the serial violations by Envigo during its supposed due diligence reviews and multiple inspections during the acquisition process of Envigo, or to disclose the violations to shareholders.

Thereafter, the Company and certain of its executives were sued in a securities class action lawsuit, charging them with failing to disclose material information during the Class Period, which remains ongoing. Recently, the court presiding over that case denied the Company’s motion to dismiss, allowing the case to move forward.

KSF’s investigation is focusing on whether Inotiv’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws. 

If you have information that would assist KSF in its investigation, or have been a long-term holder of Inotiv shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqcm-notv/ to learn more.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 3200
New Orleans, LA 70163

SOURCE Kahn Swick & Foti, LLC

Student-athletes at Louisiana universities could be allowed to work with marketing representatives if lawmakers agree to update the state’s name, image and likeness (NIL) rules. It’s one of a few proposed tweaks to a law that has upended the revenue stream for collegiate athletics.

Sen. Kirk Talbot, R-River Ridge, said the contents of Senate Bill 465 will allow schools, mainly LSU, to keep in with the rapidly evolving and highly competitive NIL space.

Marketing professionals were specifically included in the bill in order to link student-athletes with more money-making opportunities, the senator said. They’re distinct from agents, who typically represent the athletes in their dealings with professional organizations. 

The bill would also require athletes to disclose any NIL contract they sign worth $600 or more, the same income threshold for required reporting to the Internal Revenue Service on Form 1099, which is used for money earned from an individual or business that isn’t an employer. 

Talbot’s proposal would also change financial literacy classes to an annual requirement. Currently, student-athletes are only required to take a single class between their first and third academic years.

Colleges would also be allowed to provide resources on financial responsibility, business formation and marketing if Senate Bill 465 becomes law.

Winston Decuir, general counsel for the LSU System, accompanied Talbot when he presented his bill Wednesday to the Senate Committee on Education.

“You have a lot of athletes, especially female athletes, that have higher opportunities at the collegiate level than they do at the pro level,” Decuir said.

LSU gymnast Livvy Dunne has an NIL valuation of $2.6 million, tops among women college athletes.

Basketball standouts Kaitlyn Clark from the University of Iowa and LSU’s Angel Reese, both first-round picks in Monday’s WNBA draft, will sign contracts with their respective teams that are worth far less than money they’ve made in college through NIL deals.

College athletic departments are also seeing impacts to their financial bottom line as NIL becomes more prominent, Decuir said. Corporate sponsors that once put their dollars exclusively into universities are now splitting those investments between student-athletes and schools.

“It’s going to require universities to reallocate their expenses,” he said.

“NIL is going to change the business model of college athletics,” Decuir added, “and a lot of people view it as an equitable change.”