NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP reminds investors of the June 11, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed on behalf of those who acquired QuidelOrtho Corporation (f/k/a Quidel Corporation) (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) securities during the period of February 18, 2022 through April 1, 2024, inclusive (“the Class Period”).
[Click here to learn more about the class action]
On February 13, 2024, QuidelOrtho reported their fourth quarter 2023 results. Among other results, the Company’s Adjusted Earnings Per Share was 46% below the midpoint of Wall Street analysts’ expectations. This miss was largely attributed to lower COVID-19 revenues during the quarter due to distributor destocking. QuidelOrtho also lowered its annual endemic COVID-19 revenue forecast from the range of $200-$400 million to $200 million. On this news, the price of QuidelOrtho shares declined by $21.50 per share, or approximately 32.2%, from $66.77 per share on February 13, 2024 to close at $45.27 on February 14, 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Then, on April 2, 2024, QuidelOrtho announced that it had withdrawn its FDA 510(k) submission for approval to sell the Savanna RVP4 Test in the United States after recent data did not meet expectations. On this news, the price of QuidelOrtho shares declined by $4.85 per share, from $47.00 per share on April 1, 2024 to close at $42.15 on April 2, 2024.
The complaint filed alleges that QuidelOrtho made false statements and/or concealed that: (a) the Company sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (b) excess inventories of COVID-19 tests existed throughout the supply chain; (c) as a result of (a)-(b) above, QuidelOrtho's distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; and (d) undisclosed problems created a heightened risk that the new test called the savanna respiratory viral panel-4 test would experience a delayed commercial launch in the united states.
If you purchased or otherwise acquired QuidelOrtho securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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