NEW YORK, April 15, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against QuidelOrtho Corporation ("QuidelOrtho" or the "Company") (NASDAQ:QDEL) 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 common stock between February 18, 2022 and April 1, 2024, both dates inclusive (the "Class Period"). Investors have until June 11, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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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 ...