QuidelOrtho Corporation f/k/a Quidel Corporation Class Action Lawsuit - QDEL
Case Summary
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The QuidelOrtho class action lawsuit seeks to represent purchasers or acquirers of QuidelOrtho Corporation f/k/a Quidel Corporation (NASDAQ: QDEL) common stock between February 18, 2022 and April 1, 2024, inclusive (the “Class Period”). Captioned Bristol County Retirement System v. QuidelOrtho Corporation f/k/a Quidel Corporation, No. 24-cv-02804 (S.D.N.Y.), the QuidelOrtho class action lawsuit charges QuidelOrtho and certain of QuidelOrtho’s current and former executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the QuidelOrtho class action lawsuit, please provide your information in the form on this page. You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the QuidelOrtho class action lawsuit must be filed with the court no later than June 11, 2024.
CASE ALLEGATIONS: QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions.
The QuidelOrtho class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (ii) excess inventories of COVID-19 tests existed throughout the supply chain; (iii) as a result of the above, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; and (iv) undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States.
The QuidelOrtho class action lawsuit further alleges that on February 13, 2024, QuidelOrtho announced its financial results for its fourth fiscal quarter and year ended December 31, 2023, revealing that its adjusted earnings-per-share was 46% below the midpoint of Wall Street analysts’ expectations, its adjusted EBITDA was 28% below analysts’ consensus of $271 million, and QuidelOrtho’s 2024 endemic COVID-19 revenue forecast was cut from the range of $200-$400 million to $200 million. On this news, the price of QuidelOrtho stock fell more than 32%, according to the complaint.
Then, on April 2, 2024, the complaint further alleges that QuidelOrtho announced that it had withdrawn its U.S. Food and Drug Administration 510(k) submission for the Savanna RVP4 Test after recent data did not meet expectations. On this news, the price of QuidelOrtho stock fell more than 10%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired QuidelOrtho common stock during the Class Period to seek appointment as lead plaintiff in the QuidelOrtho 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 QuidelOrtho class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the QuidelOrtho class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the QuidelOrtho 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 was ranked #1 on the 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 topped 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.