Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 11, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) investors who purchased common stock between February 18, 2022 and April 1, 2024, inclusive (the “Class Period”) to visit our website.
On February 13, 2024, QuidelOrtho released its fourth quarter 2023 financial results, reporting Adjusted Earnings Per Share that were 46% below the midpoint of analyst expectations, attributing this shortfall to lower endemic COVID-19 revenues. Additionally, the Company lowered its financial forecast for 2024. Following this announcement, QuidelOrtho’s stock price fell $21.50, or 32.3%, closing at $45.27 per share on February 14, 2024, causing harm to investors.
On February 21, 2024, QuidelOrtho announced the termination of the Company’s President and Chief Executive Officer, describing the termination as “Involuntary.”
Subsequently, on April 2, 2024, QuidelOrtho disclosed it had withdrawn its FDA 510(k) submission for approval to sell its COVID-19 and respiratory Savanna Respiratory Viral Panel-4 Test (the “Savanna RVP4 Test”) due to recent data not meeting expectations. This news caused QuidelOrtho’s stock price to fall further, dropping $4.85, or 10.3%, to close at $42.15 per share on April 2, 2024, inflicting additional harm on investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (2) that excess inventories of COVID-19 tests existed throughout the supply chain; (3) that, as a result, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; (4) that undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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