Shareholder Alert: Robbins LLP Reminds Investors Portola Pharmaceuticals, Inc. (PTLA) Sued for Misleading Shareholders

SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Shareholders Rights law firm Robbins LLP reminds investors that a purchaser of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between November 5, 2019 and January 9, 2020. Portola Pharmaceuticals is a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases.

If you suffered a loss as a result of Portola's misconduct, click here.

Portola Pharmaceuticals, Inc. (PTLA) Accused of Misleading Shareholders

According to the complaint, throughout the relevant period, Portola had issued a series of misleading statements that failed to disclose that Portola's internal control over financial reporting for reserve product returns was not effective. Specifically, the Company was shipping longer-dated product with 36-month shelf life without establishing adequate reserve for returns of prior shipments of short-dated product, which created a need for Portola to "catch up" on accounting for return reserves. As a result, on January 9, 2020, Portola announced preliminary net revenues of only $28 million for fourth quarter of 2019, citing a $5 million reserve adjustment for short-dated product and flat quarter-over-quarter demand for the disappointing financials. On this news, the Company's share price fell $9.98 per share, or approximately 40%, to close at $14.76. The stock continues to decline.

Portola Pharmaceuticals, Inc. (PTLA) Shareholders Have Legal Options

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Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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