Investors who purchased or acquired shares of QuidelOrtho Corporation, formerly known as Quidel Corporation (NASDAQ: QDEL), between February 18, 2022, and April 1, 2024, are being reminded by investor rights law firm Bernstein Liebhard LLP to file a lead plaintiff motion in a securities class action lawsuit. The lawsuit alleges violations of the Securities Exchange Act of 1934 against the company and certain officers.
According to the Complaint, it is claimed that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers. This resulted in excess inventories of COVID-19 tests throughout the supply chain. It is further alleged that QuidelOrtho’s distributors and pharmacy chain customers were likely to significantly reduce their COVID-19 test orders due to these excess inventories. The Complaint also states that undisclosed problems created a heightened risk of a delayed commercial launch for the Savanna RVP4 Test in the United States.
On April 2, 2024, QuidelOrtho announced the withdrawal of its FDA 510(k) submission for approval to sell the Savanna RVP4 Test in the United States. This decision came after recent data did not meet expectations. The Savanna RVP4 Test was expected to be a key driver of Savanna uptake in the respiratory season. Following this news, QuidelOrtho’s stock price dropped over 10% to $42.15 per share.
Investors who wish to take legal action or discuss their rights and options are encouraged to visit the QuidelOrtho Corporation Shareholder Class Action Lawsuit webpage or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected]. The deadline to serve as lead plaintiff in the lawsuit is June 11, 2024.
Bernstein Liebhard LLP, a reputable investor rights law firm, has a long history of successfully litigating lawsuits and class actions on behalf of its clients. It has recovered over $3.5 billion for its clients since 1993. The firm has been recognized numerous times for its achievements and is trusted by major public and private pension funds.
Please note that prior outcomes do not guarantee a similar outcome for future cases. For more information, interested parties can contact Peter Allocco, Investor Relations Manager at Bernstein Liebhard LLP.
QuidelOrtho Corporation, formerly known as Quidel Corporation, is currently facing a securities class action lawsuit over its COVID-19 test sales. The lawsuit alleges that the company sold more COVID-19 tests to its distributors and pharmacy chain customers than they were able to resell, leading to excess inventories throughout the supply chain. It is further claimed that the company’s distributors and pharmacy chain customers may significantly reduce their test orders due to these excess inventories. Additionally, undisclosed problems are said to have increased the risk of a delayed commercial launch for the Savanna RVP4 Test in the United States.
On April 2, 2024, QuidelOrtho announced the withdrawal of its FDA 510(k) submission for approval to sell the Savanna RVP4 Test in the United States. This decision was made after recent data did not meet expectations. The Savanna RVP4 Test was expected to be a key driver of the company’s respiratory season sales. Following this announcement, the company’s stock price dropped over 10%.
In terms of current market trends, COVID-19 testing continues to be a crucial aspect of managing the pandemic. However, there has been a shift in demand as vaccination rates increase and cases decrease in some regions. This change in demand could impact the sales of COVID-19 tests, including those offered by QuidelOrtho.
Forecasting the future is always challenging, especially in the context of a legal dispute. However, as the pandemic evolves and testing strategies adapt, it is possible that the demand for COVID-19 tests may change further. This may have implications for QuidelOrtho and its test sales.
One key challenge associated with the subject is the potential reputational damage that QuidelOrtho may face due to the allegations and the lawsuit. Investor confidence in the company may be affected, which could impact its stock price and financial performance.
Another challenge is the competitive landscape. QuidelOrtho operates in a market where other companies also offer COVID-19 tests. The company may face challenges in maintaining market share and differentiating its products from competitors.
Advantages for QuidelOrtho include its experience and expertise in the diagnostic testing industry. The company has a history of providing healthcare solutions and has been trusted by many customers. Additionally, QuidelOrtho has a diverse portfolio of tests beyond COVID-19, which can help mitigate potential risks associated with fluctuations in demand for COVID-19 tests.
Disadvantages include the potential financial implications of the lawsuit and the drop in stock price. These factors may impact the company’s resources and ability to invest in future research and development or marketing efforts.
To stay updated on the developments of the QuidelOrtho Corporation securities class action lawsuit, interested parties are encouraged to visit the QuidelOrtho Corporation Shareholder Class Action Lawsuit webpage or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or [email protected]. It is important to note that prior outcomes do not guarantee a similar outcome for future cases.
For more information about Bernstein Liebhard LLP, the investor rights law firm handling the lawsuit, interested parties can contact Peter Allocco, Investor Relations Manager at Bernstein Liebhard LLP.
Please note that the information provided above is based on the article and additional facts were not mentioned in the article. Therefore, the provided information is limited to what was available in the given context.