PHILADELPHIA, Jan. 17, 2020 (GLOBE NEWSWIRE) — Kehoe Law Firm, P.C. is investigating securities claims on behalf of investors of Portola Pharmaceuticals (“Portola” or the “Company”) (NasdaqGS: PTLA) for potential violations of the federal securities laws.
PTLA investors who purchased, or otherwise acquired, the securities of Portola Pharmaceuticals between November 5, 2019 and January 9, 2020, inclusive (the “Class Period”), are encouraged to contact Kehoe Law Firm, P.C. to discuss the investigation and potential claims.
A class action lawsuit has been filed against Portola on behalf of persons or entities that purchased, or otherwise acquired, Portola securities between November 5, 2019 and January 9, 2020, inclusive. The lawsuit is pursuing claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
According to the complaint, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Portola’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (2) that Portola was shipping longer-dated product with 36-month shelf life; (3) that Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) that, as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves; and (5) that, as a result of the foregoing, Defendants’ positive statements about Portola’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to discuss the class action lawsuit, Kehoe Law Firm’s investigation or have questions about your potential legal rights, please contact either John Kehoe, Esq, (215) 792-6676, Ext. 801, [email protected], or Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected], [email protected], to learn more about the investigation or potential legal claims.
Kehoe Law Firm, P.C., with offices in New York and Philadelphia, is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors from securities fraud, breaches of fiduciary duties, and corporate misconduct. Combined, the partners at Kehoe Law Firm have served as Lead Counsel or Co-Lead Counsel in cases that have recovered more than $10 billion dollars on behalf of institutional and individual investors.
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