Assertio Holdings, Inc. (NASDAQ: ASRT)

This lawsuit is for anyone who acquired securities in Assertio Holdings, Inc. (NASDAQ: ASRT) from March 9, 2023 through November 8, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by overstating the demand for the Company’s rheumatoid arthritis drug, Indocin, considering that the Company knew that it lacked a patent for the drug and that the Company was therefore subject to generic competition.  The Company also overstated the beefits of its acquisition of Spectrum Pharmaceuticals, Inc.

On August 3, 2023, the U.S. Food and Drug Administration (“FDA”) granted Zydus Lifesciences Limited (“Zydus”) approval and 180-day Competitive Generic Therapies exclusivity to market its generic version of Assertio’s Indocin Suppositories. Following the FDA’s decision, Assertio withdrew its 2023 financial outlook. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 8, 2023, Assertio released its third quarter 2023 financial results, reporting non-GAAP earnings-per-share of $0.01, missing consensus estimates by $0.09, and revenue of $35.63 million, missing consensus estimates by $14.8 million. Additionally, the Company stated that it was “learning” that “certain aspects” of its July 2023 acquisition of Spectrum Pharmaceuticals Inc. “may not be everything [it] initially expected.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Assertio Holdings, Inc. (NASDAQ: ASRT) from March 9, 2023 through November 8, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.