The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against QuidelOrtho Corporation (QDEL)

Published 6 months ago via Business Wire

The Law Offices of Frank R. Cruz reminds investors of the upcoming June 11, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) common stock between February 18, 2022 and April 1, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On February 13, 2024, QuidelOrtho released its fourth quarter 2023 financial results, and reported Adjusted Earnings Per Share that fell 46% below the midpoint of analyst expectations and attributed it to lower endemic COVID-19 revenues. Additionally, the Company lowered its 2024 financial forecast.

On this news, QuidelOrtho’s stock price fell $21.50, or 32.3%, to close at $45.27 per share on February 14, 2024, thereby injuring investors.

Then, on February 21, 2024, QuidelOrtho announced that it terminated the Company’s President and Chief Executive Officer. The Company further stated that the termination was an “Involuntary Termination.”

Then, on April 2, 2024, QuidelOrtho disclosed that it had withdrawn its FDA 510(k) submission for approval to sell its COVID-19 and respiratory Savanna Respiratory Viral Panel-4 Test (the “Savanna RVP4 Test”) after recent data did not meet expectations.

On this news, QuidelOrtho’s stock price fell $4.85, or 10.3%, to close at $42.15 per share on April 2, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (2) that excess inventories of COVID-19 tests existed throughout the supply chain; (3) that, as a result, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; (4) that undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired QuidelOrtho common stock during the Class Period, you may move the Court no later than June 11, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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