This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Inotiv Inc. operates as a contract research organization providing non-clinical and analytical laboratory services, with a core business model built on animal testing and breeding. Its subsidiary, Envigo RMS LLC, was a major supplier of purpose-bred animals, including beagles, for research.
In June 2024, Envigo RMS LLC pleaded guilty to conspiring to knowingly violate the Animal Welfare Act. The resolution included a historic $35 million fine, the largest ever in an Animal Welfare Act case, and mandated that the company divest its breeding facilities. This followed a 2022 law enforcement seizure of nearly 4,000 beagles from an Envigo facility in Virginia after investigations by the Humane Society of the United States documented systemic animal welfare violations, including preventable deaths, untreated injuries, and inadequate veterinary care. The parent company, Inotiv, acknowledged the subsidiary's misconduct in public statements.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.