SAN FRANCISCO, Jan. 15, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Assertio Holdings, Inc. (NASDAQ: ASRT) investors who suffered substantial losses to submit your losses now.
| Class Period: Mar. 9, 2023 – Nov. 8, 2023 Lead Plaintiff Deadline: Mar. 5, 2024 Visit: www.hbsslaw.com/investor-fraud/asrt | |
| Contact An Attorney Now: | ASRT@hbsslaw.com |
| 844-916-0895 | |
Assertio Holdings, Inc. (ASRT) Securities Fraud Class Action:
On Jan. 5, 2024, Assertio’s stock plummeted after it announced that its President and CEO Daniel Peisert was leaving his post with the Company. Notably, Assertio characterized Peisert’s separation from the company as an “involuntary termination.”
Just days after Peisert’s termination, investors launched a securities class action suit against Assertio, Peisert and other executives. The case is brought on behalf of investors who purchased Assertio securities between Mar. 9, 2023 and Nov. 8, 2023, inclusive. The litigation, however, does not presently link Peisert’s departure and the corresponding stock drop with the alleged fraud.
Rather, the complaint there alleges Assertio made false and misleading statements and failed to disclose that: (1) its reliance on Indocin products to boost its net income was unsustainable given the risk of generic products competition; (2) the Spectrum Acquisition was less valuable than Assertio had represented to investors; and (3) accordingly, Assertio had overstated the positive impact the sale of Indocin products and the Spectrum Acquisition were likely to have on the company’s profitability.
The truth began to emerge on Aug. 3, 2023, when the FDA granted a 180-day Competitive Generic Therapies exclusivity to Zydus Lifesciences (a company competitor) to manufacture and market 50mg indomethacin suppositories, a generic version of Assertio’s Indocin suppositories. In addition, Assertio withdrew its 2023 financial outlook. On this news, Assertio’s stock price fell 45%.
Then, on Nov. 8, 2023, Assertio announced disastrous Q3 2023 financial results. The company reported Q3 revenues of just $35.63 million (or nearly 30% below analysts’ estimates) and non-GAAP EPS of just $0.01 (or about 90% below analysts’ estimates), blaming the results on poor Indocin and ROLVEDON sales.
"We are investigating the circumstances that led to Peisert’s involuntary termination and whether to expand the alleged fraudulent period,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in Assertio and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Assertio case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Assertio should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ASRT@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Contact:
Reed Kathrein, 844-916-0895
