NEW YORK, April 15, 2024 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against QuidelOrtho ("QuidelOrtho" or "the Company") (NASDAQ:QDEL) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired QuidelOrtho securities between February 18, 2022 and April 1, 2024, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: bgandg.com/QDEL.
Case Details:
According to the Complaint, 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 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 2021, the Company announced that it had agreed to merge with Ortho Clinical Diagnostics Holdings plc ("Ortho") through a transaction valued at approximately $6 billion. 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, according to the Complaint, Defendants assured investors that QuidelOrtho was well positioned to maintain a stable high margin revenue stream from its respiratory ...