QuidelOrtho (US:QDEL) prnewswire.com·2024-05-29 09:45Core 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].