QuidelOrtho Corporation Investors Notice: Class action lawsuit filed on behalf of investors; the Portnoy Law Firm

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].