Upcoming Lead Plaintiff Deadline is June 11, 2024
NEW YORK, April 19, 2024 /PRNewswire/ --Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors who purchased or otherwise acquired QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) common stock between February 18, 2022 and April 1, 2024, inclusive (the "Class Period").
All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than June 11, 2024, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
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The filed complaint 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:
- that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers.
- that excess inventories of COVID-19 tests existed throughout the supply chain;
- that, as a result, QuidelOrtho's distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders;
- that undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States; and
- 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.
On February 13, 2024, QuidelOrtho released its fourth quarter 2023 financial results, and reported Adjusted Earnings Per Share that fell 46% below the midpoint of analyst expectations and attributed it to lower endemic COVID-19 revenues. Additionally, the Company lowered its 2024 financial forecast. On this news, QuidelOrtho's stock price fell $21.50, or 32.3%, to close at $45.27 per share on February 14, 2024.
Then, on February 21, 2024, QuidelOrtho announced that it terminated the Company's President and Chief Executive Officer. The Company further stated that the termination was an "Involuntary Termination."
Finally, on April 2, 2024, QuidelOrtho disclosed that 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") after recent data did not meet expectations. On this news, QuidelOrtho's stock price fell $4.85, or 10.3%, to close at $42.15 per share on April 2, 2024, thereby injuring investors further.
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP
