Assertio Holdings, Inc. Class Action Lawsuit - ASRT
Investors who suffered a loss and would like to learn more, click here to contact us.
The Assertio class action lawsuit seeks to represent purchasers or acquirers of Assertio Holdings, Inc. (NASDAQ: ASRT) securities between March 9, 2023 and November 8, 2023, inclusive (the “Class Period”). Captioned Shapiro v. Assertio Holdings, Inc., No. 24-cv-00169 (N.D. Ill.), the Assertio class action lawsuit charges Assertio and certain of Assertio’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Assertio class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Assertio class action lawsuit must be filed with the court no later than March 5, 2024.
CASE ALLEGATIONS: Assertio is a commercial pharmaceuticals company that purportedly offers differentiated products to patients utilizing a non-personal promotional model.
The Assertio class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Assertio’s reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition; (ii) Assertio’s July 2023 acquisition of Spectrum Pharmaceuticals, Inc. was less valuable than Assertio had represented to investors; and (iii) accordingly, Assertio had overstated the positive impact the sale of Indocin products and the acquisition of Spectrum were likely to have on Assertio’s profitability.
The Assertio class action lawsuit further alleges that on August 3, 2023, Zydus Lifesciences Limited, a generic pharmaceutical company, received approval from the U.S. Food and Drug Administration (“FDA”) to manufacture and market 50mg indomethacin suppositories, the generic version of Assertio’s Indocin suppositories. On this news, the price of Assertio stock fell nearly 46%, according to the complaint.
Next, as the complaint further alleges, on November 8, 2023, Assertio reported third quarter of 2023 non-GAAP earnings per share of $0.01, missing consensus estimates by $0.09, and revenue of $35.63 million, missing consensus estimates by $14.8 million. On this news, the price of Assertio stock fell more than 43%, according to the complaint.
Thereafter, as the complaint further alleges, on January 3, 2024, Assertio announced that CEO, defendant Dan Peisert, was stepping down from his role as Assertio’s CEO. On this news, the price of Assertio stock fell nearly 11%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Assertio securities during the Class Period to seek appointment as lead plaintiff in the Assertio class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Assertio class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Assertio class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Assertio class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.