SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against QuidelOrtho Corporation - QDEL
NEW YORK, June 7, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether QuidelOrtho and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until June 11, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired QuidelOrtho securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On February 13, 2024, QuidelOrtho reported underwhelming results for its fourth quarter ended December 31, 2023. Among other things, the Company's Adjusted Earnings Per Share was 46% below the midpoint of Wall Street analysts' expectations. This miss was largely attributed to lower endemic COVID-19 revenues during the quarter due to distributor destocking. The Company also slashed its 2024 financial forecasts, including a drastic cut to its COVID-19 revenue guidance. Specifically, QuidelOrtho lowered its annual endemic COVID-19 revenue forecast from the range of $200-$400 million to $200 million. On this news, QuidelOrtho's stock price fell $21.50 per share, or 32.2%, to close at $45.27 per share on February 14, 2024.
On February 21, 2024, QuidelOrtho announced that its Board of Directors had terminated Douglas Bryant from his positions as President and Chief Executive Officer ("CEO") of the Company. Bryant also resigned from the Company's Board, effective February 21, 2024. Then, on April 2, 2024, QuidelOrtho announced that it had withdrawn its FDA 510(k) submission for approval to sell the Savanna RVP4 Test in the United States after recent data did not meet expectations.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 a Citi analyst, 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 10.32%, to close at $42.15 per share on April 2, 2024
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
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