The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Portola Pharmaceut...
30 Janvier 2020 - 3:00PM
Business Wire
The Law Offices of Frank R. Cruz reminds investors of the
upcoming March 16, 2020 deadline to file a lead plaintiff
motion in the class action filed on behalf of Portola
Pharmaceuticals, Inc. (“Portola” or the “Company”) (NASDAQ: PTLA)
investors who purchased securities between November 5, 2019 and
January 9, 2020, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to
participate.
On January 9, 2020, Portola announced preliminary net revenues
of only $28 million for the fourth quarter of 2019. Portola
attributed the result to a $5 million reserve adjustment for
short-dated product, and flat quarter-over-quarter demand.
On this news, the Company’s share price fell $9.98, or
approximately 40%, to close at $14.76 per share on January 10,
2020, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that Portola’s internal control over financial
reporting regarding reserve for product returns was not effective;
(2) that Portola was shipping longer-dated product with 36-month
shelf life; (3) that Portola had not established adequate reserve
for returns of prior shipments of short-dated product; (4) that, as
a result, Portola was reasonably likely to need to “catch up” on
accounting for return reserves; and (5) that, as a result of the
foregoing, Defendants’ positive statements about the Company’s
business, operations, and prospects were materially misleading
and/or lacked a reasonable basis.
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If you purchased or otherwise acquired Portola securities during
the Class Period, you may move the Court no later than March 16,
2020 to request appointment as lead plaintiff in this putative
class action lawsuit. To be a member of the class action you need
not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the class
action. If you wish to learn more about this class action, or if
you have any questions concerning this announcement or your rights
or interests with respect to the pending class action lawsuit,
please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz,
1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067
at 310-914-5007, by email to info@frankcruzlaw.com, or visit our
website at www.frankcruzlaw.com. If you inquire by email please
include your mailing address, telephone number, and number of
shares purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200130005284/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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