Current and former Neogen Corp. executives and board members allegedly concealed systemic issues with the company’s integration of 3M Co.‘s food safety division following its $5.3 billion merger in 2022.
Statements dating back to early 2023 touting the company’s continued integration progress were false or materially misleading, because they failed to disclose adverse facts about Neogen’s financial prospects and operations, according to a shareholder derivative complaint filed Thursday in the US District Court for the Western District of Michigan.
The suit names as defendants former CEO John Adent and former CFO David Naemura, among others.
Neogen, Adent, and Naemura ...
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