NEW YORK, April 15, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of QuidelOrtho Corporation f/k/a Quidel Corporation (NASDAQ: QDEL)?
- Did you purchase your shares between February 18, 2022 and April 1, 2024, inclusive?
- Did you lose money in your investment in QuidelOrtho Corporation?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of QuidelOrtho Corporation f/k/a Quidel Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) between February 18, 2022 and April 1, 2024, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired QuidelOrtho common stock, and/or would like to discuss your legal rights and options please visit QuidelOrtho Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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On April 2, 2024, QuidelOrtho announced that it had withdrawn its FDA 510(k) submission for approval to sell the Savanna RVP4 Test in the United States after recent data did not meet expectations.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.
If you purchased or acquired QuidelOrtho common stock, and/or would like to discuss your legal rights and options please visit QuidelOrtho Corporation Shareholder Class Action Lawsuit or contact Investor Relations Manager Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
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.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
