Shareholder Alert: Robbins LLP Announces Another Complaint Filed Against Portola Pharmaceuticals, Inc. (PTLA)
March 03 2020 - 3:59PM
Business Wire
Shareholders Rights law firm Robbins LLP announces that another
purchaser of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) filed a
class action complaint for alleged violations of the Securities
Exchange Act of 1934 and Securities Act of 1933 between January 8,
2019 and February 26, 2020. Portola Pharmaceuticals is a
biopharmaceutical company that develops and commercializes
treatments for thrombosis and other hematologic diseases. Its lead
product is Andexxa.
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 touted Andexxa's revenues and future prospects, calling it
one of the most successful drug launches in history with "deepening
utilization" and increasing reorder rates, resulting in robust
revenue growth for Portola. However, in reality, Portola's high
wholesale price of $49,500 per dose caused many hospitals to
curtail their use of the drug, materially diminishing the demand
for Andexxa. Then, on January 9, 2020, Portola announced global
revenues of Andexxa that fell significantly short of analysts'
expectations at $28 million for the fourth quarter, citing
flattening Andexxa demand that also resulted in a $5 million charge
for unused and returned Andexxa. Portola reported a fourth quarter
2019 loss of $96.7 million on February 26, 2020, citing a $27.5
million charge arising from its discontinuation of its product
Bevyxxa to help the Company focus on its efforts with Andexxa.
Following these disclosures, Portola's share price fell $12.33 per
share, or almost 50%, to close at $10.17 per share.
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/20200303006005/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
Portola Pharmaceuticals (NASDAQ:PTLA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Portola Pharmaceuticals (NASDAQ:PTLA)
Historical Stock Chart
From Apr 2023 to Apr 2024