On February 22, 2023, before the market opened, Charles River revealed that it had received a subpoena from the U.S. Department of Justice (“DOJ”) relating to an ongoing investigation in conjunction with the U.S. Fish and Wildlife Service (“USFWS”) into the supply chain and illegal importation of non-human primates for research. The Company noted that it was voluntarily suspending shipments of primates from Cambodia, which would negatively impact its earnings for the year and would reduce revenue growth by 200 basis points to 400 basis points. Following this news, Charles River’s stock price fell $24.51, or 10%, to close at $219.09 per share on February 22, 2023.

The complaint alleges that throughout the Class Period, the defendants failed to disclose to investors that: (1) Charles River had engaged in illegal activity with respect to its importation of non-human primates for research; (2) as a result, Charles River was at a heightened risk of criminal and regulatory investigation by, inter alia, the DOJ; (3) as a result, Charles River would be forced to suspend shipments of primates from Cambodia; and (4) as a result of the foregoing, Defendants’ positive statements about Charles River’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Investors who purchased or acquired Charles River securities between May 7, 2020 and February 21, 2023, may no later than July 18, 2023, seek to be appointed as a lead plaintiff representative of the class.