Portola Pharmaceuticals (NASDAQ:PTLA)
Historical Stock Chart
3 Months : From Dec 2019 to Mar 2020
Shareholders Rights law firm Robbins LLP announces 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.
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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.
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