SAN DIEGO, April 25, 2024 (GLOBE NEWSWIRE) — DiCello Levitt LLP announces that purchasers or acquirers of QuidelOrtho Corporation f/k/a Quidel Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) common stock between February 18, 2022, and April 1, 2024, inclusive (the “Class Period”) have until June 11, 2024 to seek appointment as lead plaintiff of the QuidelOrtho class action lawsuit. The QuidelOrtho lawsuit charges the Company and certain current and former senior executive officers with violations of the federal securities laws.
If you purchased shares of QuidelOrtho common stock between February 18, 2022 and April 1, 2024, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, you may submit your information here: https://dicellolevitt.com/securities/quidelortho/
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
Case Allegations: The QuidelOrtho lawsuit alleges that Defendants made false and misleading statements, including that: (i) QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than could be resold to healthcare providers and end customers; (ii) excess inventories of COVID-19 tests existed throughout the supply chain; (iii) as a result of the above, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders; and (iv) undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States.
As alleged in the lawsuit, on February 13, 2024, the Company announced its adjusted earnings per share as 46% below the midpoint of expectations and lowered its endemic COVID-19 revenue forecast from the range of $200-$400 million to $200 million. On this news, the price of QuidelOrtho common stock fell 32%, or $21.50, to close at $45.27 on February 14, 2024.
On February 21, 2024, the Board of Directors announced the dismissal of its President and Chief Executive Officer effective immediately, causing the price of QuidelOrtho common stock to decline $2.93, to close at $46.55 on February 22, 2024.
Then, on April 2, 2024, QuidelOrtho announced that it had withdrawn its U.S. Food and Drug Administration 510(k) submission for the Savanna RVP4 Test after recent data did not meet expectations. On this news, the price of QuidelOrtho stock dropped $4.85, or more than 10%, to close at $42.15 on April 2, 2024.
About DiCello Levitt: At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.
DiCello Levitt has achieved top recognition as Plaintiffs Firm of the Year and Trial Innovation Firm of the Year by the National Law Journal, in addition to its top-tier Chambers and Benchmark ratings. The New York Law Journal also recently recognized DiCello Levitt as a Distinguished Leader in trial innovation. For more information about the Firm, including recent trial victories and case resolutions, please visit www.dicellolevitt.com.
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