QUIDELORTHO CORPORATION SHAREHOLDERS HAVE AN OPPORTUNITY TO RECOVER THEIR INVESTMENT LOSSES
QuidelOrtho Corporation
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired QuidelOrtho Corporation f/k/a Quidel Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) securities between February 18, 2022 and April 1, 2024, inclusive. The lawsuit seeks to recover QuidelOrtho shareholders’ investment losses.
If you purchased securities in QuidelOrtho between February 18, 2022 and April 1, 2024, inclusive, and would like to discuss your legal rights and/or options, please click “Join Class Action” above.
According to the Complaint, Defendants failed to disclose to investors that: (a) QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (b) excess inventories of COVID-19 tests existed throughout the supply chain; (c) as a result, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; and (d) undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States.
On April 2, 2024, QuidelOrtho announced that it had withdrawn its FDA 510(k) submission for approval to sell the Savanna RVP4 Test in the United States after recent data did not meet expectations. According to Citi analyst Patrick Donnelly, the Savanna RVP4 Test was “expected to be a key driver of Savanna uptake in the respiratory season.”
On this news, QuidelOrtho’s stock price fell $4.85 per share, or over 10%, to close at $42.15 per share on April 2, 2024.
If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
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Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
