SAN DIEGO, Jan. 08, 2024 (GLOBE NEWSWIRE) -- Robbins LLP informs investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Assertio Holdings, Inc. (NASDAQ:ASRT) between March 9, 2023 and November 8, 2023. Assertio is a commercial pharmaceutical company that purportedly offers differentiated products to patients utilizing a non-personal promotional model.
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What is this Case About: Assertio Holdings, Inc. (ASRT) Allegedly Misled Investors Regarding its Reliance on Indocin and Integration of Spectrum Pharmaceuticals, Inc.
According to the complaint, one of the Company's primary pharmaceutical products is Indocin, an oral and suppository solution for the treatment of moderate to severe rheumatoid arthritis.
In July 2023, Assertio acquired Spectrum Pharmaceuticals, Inc., a biopharmaceutical company focused on novel and targeted oncology, along with Spectrum's injection asset Rolvedon.
Throughout the class period, defendants failed to disclose that the Company's reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition and the Spectrum Acquisition was less valuable than Assertio had represented to investors. As a result, Assertio ...