| COMPANY |
QuidelOrtho Corporation |
| COURT |
United States District Court for the Southern District of New York |
| CASE NUMBER |
24-cv-02804 |
| JUDGE |
The Hon. Mary Kay Vyskocil |
| CLASS PERIOD |
February 18, 2022 through April 1, 2024 |
| SECURITY TYPE |
Common Stock |
LEAD PLAINTIFF DEADLINE IS JUNE 11, 2024.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired QuidelOrtho Corporation (“QuidelOrtho”) (NASDAQ: QDEL) common stock between February 18, 2022 and April 1, 2024, both dates inclusive (the “Class Period”).
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, thereby injuring investors.
Then, on February 21, 2024, QuidelOrtho announced that it terminated the company’s President and Chief Executive Officer. QuidelOrtho further stated that the termination was an “Involuntary Termination.”
Then, on April 2, 2024, QuidelOrtho disclosed that it had withdrawn its FDA 510(k) submission for approval to sell its COVID-19 and respiratory Savanna Respiratory Viral Panel-4 Test (the “Savanna RVP4 Test”) after recent data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.
The 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: (1) QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (2) excess inventories of COVID-19 tests existed throughout the supply chain; (3) as a result, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; (4) 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.
What is a Lead Plaintiff?
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Filling out the online form above or communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.