PTLA LOSSES ALERT: Bernstein Liebhard LLP Announces the Filing of a Securities Class Action Against Portola Pharmaceuticals, ...
January 17 2020 - 7:17PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, announces that a securities class action has been filed on
behalf of investors that purchased or acquired the securities of
Portola Pharmaceuticals, Inc. ("Portola" or the "Company") (NASDAQ:
PTLA) between November 5, 2019 and January 9, 2020, inclusive (the
"Class Period"). The lawsuit filed in the United States District
Court for the Northern District of California alleges violations of
the Securities Exchange Act of 1934.
If you purchased Portola securities, and/or would like to
discuss your legal rights and options please visit Portola
Shareholder Class Action or contact Matthew E. Guarnero toll free
at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’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 the Company’s
business, operations, and prospects were materially misleading
and/or lacked a reasonable basis.
On January 9, 2020, Portola announced preliminary net revenues
of only $28 million for the fourth quarter of 2019. Portola
attributed the result to a $5 million reserve adjustment for
short-dated product and flat quarter-over-quarter demand.
On this news, the Company’s share price fell $9.98, or
approximately 40% to close at $14.76 per share on January 10, 2020,
on unusually heavy trading volume.
If you purchased Portola securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/portolapharmaceuticalsinc-ptla-shareholder-class-action-lawsuit-stock-fraud-239/apply/
contact Matthew E. Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than March 16, 2020. A lead plaintiff is a representative
party acting on behalf of other class members in directing the
litigation. Your ability to share in any recovery doesn’t require
that you serve as lead plaintiff. If you choose to take no action,
you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200117005498/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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