The Animal Doctor, Ltd. Profit Sharing Plan (the “Plan”) is a defined contribution plan in which the investment decisions are made by the Trustee of the Plan. Plan participants do not have the power to decide how Plan assets are invested and were not provided proper disclosures regarding the Plan’s investments.

Defendant Lori W. Wyatt, the owner of The Animal Doctor, Ltd is also the Trustee and Investment Fiduciary of the Plan. As Trustee and Investment Fiduciary, Dr. Wyatt decided to invest almost 98% of the Plan assets in only three pharmaceutical or biotech companies: Inovio Pharmaceuticals, Inc., Moderna, Inc., and Novavax, Inc. As of December 31, 2021, approximately 50% of the Plan’s assets were invested in Inovio Pharmaceuticals alone. This decision resulted in significant losses to the Plan and the participant accounts in the Plan.

By investing almost all of the Plan’s assets in only three pharmaceutical/biotech companies and almost 50% in a single company, and by maintaining such investments, Dr. Wyatt breached her fiduciary duties in failing to invest Plan assets prudently and in the best interests for participants and in failing to diversify Plan assets. As a result, these breaches of fiduciary duty have caused the Plan more than half of its value.

This lawsuit is brought on behalf of the following Class:

All participants in The Animal Doctor, Ltd. Profit Sharing Plan at any time between March 8, 2021 (or the date that the Plan invested a majority of its assets in a single category of investments) to the present (except those participants who terminated without even partial vesting) and the beneficiaries of any such participants.

Excluded from the Class are (1) Defendants, (2) any fiduciaries of the Plan, (3) other persons who had decision-making or administrative authority relating to the administration, investment allocation, modification, funding, or interpretation of the Plan, (4) the beneficiaries of such persons, the immediate relatives of such persons, and (5) the legal representatives, assigns or successors in interest of any excluded person.

The Complaint was filed on September 13, 2024 in the Northern District of Illinois.

Complaint – September 13, 2024