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International Veterinary Technology And Services Firm Covetrus Had Net Loss Of $1B In 2019

Covetrus veterinary services company, which is headquartered in Portland, has announced $4 billion in net sales for 2019, but also a net loss of $1 billion.

The Portland Press Herald reports that a lawsuit brought by investors last October claims that the company's misleading statements caused its stock to be traded at an artificially high level when it went public a year ago.

Tuesday Covetrus' newly named CEO, Benjamin Wolin, said the company has faced growing pains during the past year, but “will continue to streamline and focus on the core drivers of our business in order to improve effectiveness and efficiency and to seek to deliver a more consistent and profitable performance.”

Covetrus employs 300 people in Portland and 5500 worldwide.

Ed is a Maine native who spent his early childhood in Livermore Falls before moving to Farmington. He graduated from Mount Blue High School in 1970 before going to the University of Maine at Orono where he received his BA in speech in 1974 with a broadcast concentration. It was during that time that he first became involved with public broadcasting. He served as an intern for what was then called MPBN TV and also did volunteer work for MPBN Radio.