Inotiv subsidiaries plead guilty in DOJ canine-facility probe; total payments exceed $35M

Inotiv, Inc.

Envigo RMS pleaded guilty to misdemeanor conspiracy to violate Animal Welfare Act; EGSI pleaded guilty to felony Clean Water Act conspiracy.
Total resolution: $22M fine (deferred), $3M to animal taskforce, $3.5M to environmental fund, and $7M facility improvements.
Company expects additional $2M charge in Q3 FY2024; previously recorded $26.5M charge under agreement-in-principle.
Compliance monitor to be appointed for up to 5 years; subsidiaries on probation for up to 5 years.
Credit agreement amended to allow EBITDA add-backs up to $28.5M for resolution costs and subordinate liens for DOJ.

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