QuidelOrtho Corporation (NASDAQ: QDEL)

This lawsuit is for anyone who acquired securities in QuidelOrtho Corporation (NASDAQ: QDEL) from February 18, 2022 through April 1, 2024.

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 stuffing its channels of distribution with COVID tests that the Company knew consumers would not want in order to overstate revenue and also by failing to timely disclose to investors the problems that the Company was having getting FDA approval of the Company’s new Savanna Respiratory Viral Panel-4 Test.

On February 13, 2024, QuidelOrtho released its fourth quarter 2023 financial results, and reported Adjusted Earnings Per Share that fell 46% below the midpoint of analyst expectations and attributed it to lower endemic COVID-19 revenues. Additionally, the Company lowered its 2024 financial forecast. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on February 21, 2024, QuidelOrtho announced that it terminated the Company’s President and Chief Executive Officer. The Company further stated that the termination was an “Involuntary Termination.” Finally, on April 2, 2024, Quidel Ortho disclosed that it had withdrawn its FDA 510(k) submission for approval to sell its COVID-19 and respiratory Savanna Respiratory Viral Panel-4 Test (the “Savanna RVP4 Test”) after recent data did not meet expectations. 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 QuidelOrtho Corporation (NASDAQ: QDEL) from February 18, 2022 through April 1, 2024 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.