NEW YORK, April 15, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ:QDEL) securities between February 18, 2022 and April 1, 2024, inclusive (the "Class Period"). The Complaint in the lawsuit seeks to recover damages for the Company's investors under the federal securities laws.
The Complaint alleges that QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions. The Complaint also alleges that the Company's respiratory business has historically been tied to the sale of seasonal flu tests and more recently to COVID-19 detection tests. The Complaint further alleges that 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. In addition the Complaint alleges that QuidelOrtho manufactures respiratory tests under various brands, including QuickVue, Sofia, and Savanna.
The Complaint alleges that in December 2021, 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, the Complaint alleges that COVID-19 was ...
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