Core Viewpoint - QuidelOrtho Corporation is facing a securities class action lawsuit due to misleading statements regarding its respiratory business and the FDA submission for its Savanna RVP4 Test, leading to significant stock price declines and investor losses [1][2][3][4]. Group 1: Financial Performance and Stock Price Impact - On February 14, 2024, QuidelOrtho's shares dropped $21.50 (32%) after the company reported Q4 and FY 2023 financial results that were significantly below analyst expectations, with Adjusted EPS 46% lower than the midpoint of forecasts and Adjusted EBITDA 28% below consensus [2]. - Following the financial results, the stock price fell a total of $24.59, or nearly 37%, resulting in a loss of approximately $1.6 billion in shareholder value since February 13, 2024 [4]. - On April 2, 2024, the stock price fell an additional $4.85 (10%) after the company withdrew its submission for the Savanna RVP4 Test due to disappointing data [1]. Group 2: Management Changes and Allegations - On February 21, 2024, QuidelOrtho's Board terminated President and CEO Douglas Bryant in response to the poor financial guidance and investor pressure for management change [3]. - The lawsuit alleges that QuidelOrtho misled investors by making false statements regarding its sales and inventory levels, which contributed to a significant reduction in COVID-19 test orders from distributors and pharmacy chains [3]. - The investigation is looking into potential improper channel-stuffing practices and the likelihood of FDA approval for the Savanna RVP4 Test [4].

CONTACT: Levi & Korsinsky, LLP Joseph E. Levi, Esq. Ed Korsinsky, Esq. 33 Whitehall Street, 17th Floor New York, NY 10004 [email protected] Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed 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 th ...

On this news, QuidelOrtho's stock price fell $4.85 per share, or over 10%, to close at $42.15 per share on April 2, 2024. If you wish to serve as lead plaintiff, you must move the Court no later than June 11, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member. If you purchased or acqui ...

Core Viewpoint - QuidelOrtho Corporation has faced significant financial challenges, including a substantial drop in stock price due to disappointing earnings and management changes, leading to a class action lawsuit from investors [2][3][4]. Financial Performance - On February 13, 2024, QuidelOrtho reported fourth quarter 2023 Adjusted Earnings Per Share that were 46% below analyst expectations, primarily due to lower endemic COVID-19 revenues [2]. - Following the earnings announcement, the stock price fell by $21.50, or 32.3%, closing at $45.27 per share on February 14, 2024 [2]. Management Changes - On February 21, 2024, QuidelOrtho announced the involuntary termination of its President and CEO [3]. - On April 2, 2024, the company withdrew its FDA 510(k) submission for the Savanna Respiratory Viral Panel-4 Test, leading to a further stock price decline of $4.85, or 10.3%, closing at $42.15 per share [3]. Legal Issues - A class action complaint alleges that during the Class Period, QuidelOrtho made materially false and misleading statements and failed to disclose adverse facts about its business and operations [4]. - Specific allegations include undisclosed excess inventories of COVID-19 tests and the risk of delayed commercial launch for the Savanna RVP4 Test, which misled investors regarding the company's prospects [4].

Case Details: According to the Complaint, QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions. The Company's respiratory business has historically been tied to the sale of seasonal flu tests and more recently to COVID-19 detection tests. Since the onset of the COVID-19 pandemic, the Company has generated a significant portion of its revenue through the sale of COVID-19 tests to government customers, healthcare providers (through its authori ...

NEW YORK, May 30, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. The class action concerns whether QuidelOrtho and certain of ...

NEW YORK, May 30, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in QuidelOrtho Corporation f/k/a Quidel Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) of a class action securities lawsuit. WHAT'S NEXT? If you suffered a loss in QuidelOrtho during the relevant time frame, you have until June 11, 2024 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. NO COST TO YOU: If you are a class ...

Core Viewpoint - QuidelOrtho Corporation is facing a class action lawsuit due to allegations of issuing misleading statements regarding its COVID-19 test sales and inventory management during the specified class period [2][3]. Summary by Relevant Sections Class Period and Allegations - The class period for the lawsuit is from February 18, 2022, to April 1, 2024 [2]. - Allegations include that QuidelOrtho sold more COVID-19 tests than could be resold, leading to excess inventory in the supply chain [2]. - Distributors and pharmacy chain customers are expected to significantly reduce their COVID-19 test orders due to these excess inventories [2]. - There are concerns about undisclosed issues that may delay the launch of the new savanna respiratory viral panel-4 test in the U.S. [2]. - The defendants are accused of lacking a reasonable basis for their positive statements about the company's business and financial outlook [2]. Next Steps for Shareholders - Shareholders are encouraged to register for the class action by June 11, 2024, to participate in the case [3]. - Registration will include enrollment in a portfolio monitoring system for status updates throughout the case lifecycle [3]. Law Firm Information - The Gross Law Firm is leading the class action and is recognized for protecting investors' rights against deceit and fraud [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [4].

BENSALEM, Pa., May 23, 2024 /PRNewswire/ -- Law Offices of Howard G. Smith announces that investors with substantial losses have opportunity to lead the securities fraud class action lawsuit against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL). Class Period: February 18, 2022 – April 1, 2024 Lead Plaintiff Deadline: June 11, 2024 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 absen ...

NEW YORK, May 23, 2024 /PRNewswire/ -- Levi & Korsinsky, LLP notifies investors in QuidelOrtho Corporation f/k/a Quidel Corporation ("QuidelOrtho" or the "Company") (NASDAQ: QDEL) of a class action securities lawsuit. CLASS DEFINITION: The lawsuit seeks to recover losses on behalf of QuidelOrtho investors who were adversely affected by alleged securities fraud between February 18, 2022 and April 1, 2024. Follow the link below to get more information and be contacted by a member of our team: https://zlk.com/ ...