- The shares of the contract research organization Inotiv ( NASDAQ: NOTV ) jumped ~16% in the morning hours after the company announced a settlement with the U.S. government over an investigation into its production facility in Cumberland, Virginia.
- Per the terms of the agreement with the U.S. Department of Justice (DOJ) and the U.S. Department of Agriculture (USDA), the operator of the facility, Envigo unit of Inotiv ( NOTV ) will not be liable for fines or penalties.
- The settlement follows a Transfer Plan with DOJ under which Envigo has agreed to vacate all the canines at the facility, the company said, adding that the settlement does not reflect an admission of liability or wrongdoing regarding its operations of the plant.
- In June, Inotiv ( NOTV ) announced plans to close certain production plans including the purpose-bred canine facility in Cumberland as part of a restructuring initiative following the acquisition of Envigo.
For further details see:
Inotiv adds 16% on settlement with U.S. over Virginia facility