Kirby McInerney LLP warns QuidelOrtho

NEW YORK, May 28, 2024 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors of the upcoming June 11, 2024 deadline to apply to serve as lead plaintiff in a federal securities class action filed on behalf of the firm by individuals who purchased the securities of QuidelOrtho Corporation (f/k/a Quidel Corporation) (“QuidelOrtho” or the “Company”) (NASDAQ: QDEL) between February 18, 2022 and April 1, 2024, inclusive (the “Class Period”).

(Click here to learn more about the class action lawsuit)

On February 13, 2024, QuidelOrtho announced its results for the fourth quarter of 2023. Among other things, the company’s adjusted earnings per share were 46% below the midpoint of Wall Street analysts’ expectations. This miss was largely attributed to lower Covid-19 related revenues in the quarter due to distributor inventory reduction. QuidelOrtho also lowered its annual revenue forecast for the endemic Covid-19 epidemic from the range of USD 200-400 million to USD 200 million. On this news, the QuidelOrtho stock price fell $21.50 per share, or approximately 32.2%, from $66.77 per share on February 13, 2024 to close at $45.27 on February 14 2024

Then on April 2, 2024, QuidelOrtho announced that it had withdrawn its FDA 510(k) application for approval to market the Savanna RVP4 test in the United States because the latest data did not meet expectations. On this news, the QuidelOrtho stock price decreased by $4.85 per share, from $47.00 per share on April 1, 2024, to close at $42.15 on April 2, 2024.

The complaint alleged that QuidelOrtho misrepresented and/or concealed that: (a) the Company sold more COVID-19 tests to its distributors and pharmacy chain customers than it was able to resell to healthcare providers and end customers; (b) there were excess stocks of Covid-19 tests throughout the supply chain; (c) as a result of points (a)-(b) above, QuidelOrtho distributors and pharmacy chain customers were willing to significantly reduce the number of orders for Covid-19 virus tests; and d) undisclosed problems created an increased risk that the commercial launch of a new test called Savannah Respiratory Virus Panel 4-4 in the United States would be delayed.

If you purchased or otherwise acquired QuidelOrtho securities, have information or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at [email protected] or by filling out this one CONTACT FORMto discuss your rights or interests in relation to these matters at no cost to you.

Kirby McInerney LLP is a New York-based law firm specializing in securities, antitrust, whistleblower and consumer litigation matters. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found on the Kirby McInerney LLP website.

This press release may be considered attorney advertising in some jurisdictions under applicable law and ethical principles.

Kirby McInerney LLC
Thomas W. Elrod, Esq.
[email protected]