PTLA - WeissLaw LLP: Portola Pharmaceuticals Inc. is the Subject of a Legal Investigation
NEW YORK, Feb. 3, 2020 /PRNewswire/ -- WeissLaw LLP, a national class action and shareholders' rights law firm with offices in New York, California and Georgia, announces an investigation of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) ("Portola," or the "Company").
If you own PTLA shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, visit our website:
http://weisslawllp.com/portola-pharmaceuticals-inc/
Or please contact:
Joshua Rubin, Esq.
WeissLaw LLP
1500 Broadway, 16th Floor
New York, NY 10036
(212) 682-3025
(888) 593-4771
stockinfo@weisslawllp.com
The investigation focuses on possible breaches of fiduciary duty and violations of federal securities laws by the members of Portola's Board of Directors in connection the with the Company's flagship drug Andexxa. Notably, Portola recently announced that in the fourth quarter of 2019 Andexxa sales tumbled to $28 million and, as a result, it anticipated full year revenue of only $111 million. These figures represent a significant departure from the projections of $41 million in Andexxa sales in the fourth quarter and $132 million in full year revenue. On this news, the Company's share price nosedived as much 45.4%.
WeissLaw is investigating whether Portola's Board: (1) made materially false and/or misleading information about the Company, its operations, and business prospects; and (2) failed to implement and maintain an effective system of internal controls over the Company's financial reporting process.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com
SOURCE WeissLaw LLP