Shareholder Alert: Robbins LLP Reminds Investors Portola Pharmaceuticals, Inc. (PTLA) Sued for Misleading Shareholders
February 10 2020 - 3:42PM
Business Wire
Shareholders Rights law firm Robbins LLP reminds investors that
a purchaser of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) filed a
class action complaint for alleged violations of the Securities
Exchange Act of 1934 between November 5, 2019 and January 9, 2020.
Portola Pharmaceuticals is a biopharmaceutical company that
develops and commercializes treatments for thrombosis and other
hematologic diseases.
If you suffered a loss as a result of Portola's misconduct,
click here.
Portola Pharmaceuticals, Inc. (PTLA) Accused of Misleading
Shareholders
According to the complaint, throughout the relevant period,
Portola had issued a series of misleading statements that failed to
disclose that Portola's internal control over financial reporting
for reserve product returns was not effective. Specifically, the
Company was shipping longer-dated product with 36-month shelf life
without establishing adequate reserve for returns of prior
shipments of short-dated product, which created a need for Portola
to "catch up" on accounting for return reserves. As a result, on
January 9, 2020, Portola announced preliminary net revenues of only
$28 million for fourth quarter of 2019, citing a $5 million reserve
adjustment for short-dated product and flat quarter-over-quarter
demand for the disappointing financials. On this news, the
Company's share price fell $9.98 per share, or approximately 40%,
to close at $14.76. The stock continues to decline.
Portola Pharmaceuticals, Inc. (PTLA) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200210005755/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
(800) 350-6003 lkandinov@robbinsllp.com
Portola Pharmaceuticals (NASDAQ:PTLA)
Historical Stock Chart
From Aug 2024 to Sep 2024
Portola Pharmaceuticals (NASDAQ:PTLA)
Historical Stock Chart
From Sep 2023 to Sep 2024