The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of QuidelOrtho Corporation f/k/a Quidel Corporation who purchased Common stock between February 18, 2022 and April 1, 2024.
The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (a) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers; (b) that excess inventories of COVID-19 tests existed throughout the supply chain; (c) that, as a result of (a)-(b) above, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; (d) that 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; (e) that, as a result of (a)-(d) above, defendants lacked a reasonable basis for their positive statements about QuidelOrtho’s business, financials, and growth trajectory.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until June 11, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
