Inotiv falls as it expects to raise 'going concern' doubt

Inotiv

14/05/2024 15:36

** Shares of contract research firm Inotiv  NOTV.O  fall as
much as 58.8% to $1.72 in volatile trading - hit lowest level in
seven months 
    ** Late on Monday, NOTV said it will miss the deadline to
file its quarterly 10-Q report with the U.S. SEC  
    ** Co expects quarterly report will disclose "substantial
doubts" about its ability to remain in business 
    ** Co's 'going concern' warning comes after contract
research firms such as NOTV have witnessed their biotech clients
cut back on spending last year amid rising interest rates
    ** NOTV says it has plans to address its 'going concern'
warning, but did not disclose more details about the plan 
    ** As of last close, NOTV down ~40% YTD  

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))