QDEL - QUIDELORTHO ALERT: Bragar Eagel & Squire P.C. is Investigating QuidelOrtho Corporation on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, June 24, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against QuidelOrtho Corporation (NASDAQ:QDEL) on behalf of long-term stockholders following a class action complaint that was filed against QuidelOrtho on April 12, 2024 with a Class Period from February 18, 2022 to April 1, 2024. Our investigation concerns whether the board of directors of QuidelOrtho have breached their fiduciary duties to the company.
QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions. The Company's respiratory business has historically been tied to the sale of seasonal flu tests and more recently to COVID-19 detection tests. Since the onset of the COVID-19 pandemic, the Company has generated a significant portion of its revenue through the sale of high-margin COVID-19 tests to government customers, healthcare providers (through its authorized distributors), and large retail pharmacy chains. QuidelOrtho manufactures respiratory tests under various brands, including QuickVue, Sofia, and Savanna.
In December 2022, the Company announced that it had agreed to merge with Ortho Clinical Diagnostics Holdings plc ("Ortho"). The merger closed in May 2022, shortly after the start of the Class Period. Meanwhile, COVID-19 was transitioning from pandemic to "endemic" status (i.e., COVID-19 infections no longer growing exponentially). Despite COVID-19 transitioning into an endemic, Defendants assured investors that it was well positioned to maintain a stable high margin revenue stream from its ...