ONGOING DEADLINE ALERT: Faruqi & Faruqi, LLP is investigating claims on behalf of QuidelOrtho investors

NEW YORK, May 10, 2024 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating and reminds investors of potential claims against QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL). Deadline: June 11, 2024 to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses of more than $100,000 in QuidelOrtho to contact him directly to discuss their options

If you suffered losses of more than $100,000 by investing in QuidelOrtho stocks or options between February 18, 2022 and April 1, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310). For more information you can also click here: www.faruqilaw.com/QDEL.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995 www.faruqilaw.com.

The complaint alleges that throughout the Class Period, defendants misled investors by making statements that were false and misleading because of their knowledge of the following negative facts about QuidelOrtho’s business, operations, and prospects or intentionally disregarded and failed to disclose: (1) that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than it could resell to healthcare providers and end customers; (2) that there was an overstock of COVID-19 tests throughout the supply chain; (3) that as a result of points (1)-(2) above, QuidelOrtho’s distributors and pharmacy chain customers were willing to significantly reduce their orders for COVID-19 tests; (4) that undisclosed issues presented an increased risk of delayed commercialization of the Savanna RVP4 test in the United States; (5) that based on points (1)-(4) above, defendants lacked a reasonable basis for their positive statements about QuidelOrtho’s business, finances and growth trajectory.

The truth about these undisclosed issues began to emerge on February 13, 2024, when QuidelOrtho reported disappointing results for the fourth quarter ended December 31, 2023, according to the complaint. Among other things, the company’s adjusted earnings per share was 46%. below the median of Wall Street analysts’ expectations. This miss was largely due to lower revenue from the endemic COVID-19 virus during the quarter due to distributor destocking. The company also lowered its 2024 financial guidance, including a drastic cut to its COVID-19 revenue guidance.

On this news, QuidelOrtho stock price fell $21.50, or more than 32 percent, to close at $45.27 on February 14, 2024.

On February 21, 2024, QuidelOrtho announced that its board of directors had terminated defendant Bryant from his positions as President and Chief Executive Officer of the Company. Defendant Bryant also resigned from the company’s board of directors effective February 21, 2024. Then, on April 2, 2024, QuidelOrtho announced that it had withdrawn its FDA 510(k) application for authorization to sell the Savanna RVP4 test in the United States after recent data did not meet expectations.

On this news, QuidelOrtho stock price fell $4.85, or more than 10 percent, to close at $42.15 on April 2, 2024.

According to the complaint, QDEL investors suffered significant losses and damages under the federal securities laws as a result of defendants’ unlawful acts and omissions and the resulting decline in the market value of QuidelOrtho shares.

The court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class, who is appropriate and typical of the class, and who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may request the Court to serve as lead plaintiff through counsel of their choice, or may elect to do nothing and remain an absent class member. Your ability to participate in any recovery will not be affected by the decision to serve as lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information about QuidelOrtho’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.

To find out more about the QuidelOrtho Class action lawsuit, go for it www.faruqilaw.com/QDEL or Call Faruqi & Faruqi Partners Josh Wilson directly at 877-247-4292 or 212-983-9330 (ext. 1310).

Lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar result with respect to future matters. We welcome the opportunity to discuss your individual case. All communications will be treated confidentially.

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SOURCE Faruqi & Faruqi, LLP