Contact Hagens Berman by June 11, 2024 Deadline to Join Class Action Against QuidelOrtho (QDEL)

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].