SAN FRANCISCO, Feb. 14, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges QuidelOrtho Corporation (NASDAQ: QDEL) investors who suffered substantial losses to submit your losses now.
Visit: www.hbsslaw.com/investor-fraud/QDEL
Contact An Attorney Now: QDED@hbsslaw.com
844-916-0895
QuidelOrtho Corporation (NASDAQ: QDEL) Investigation:
“We’re investigating whether QuidelOrtho may have potentially misrepresented or concealed the true extent of the deterioration in its respiratory revenue,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
Specifically, QuidelOrtho management said as recently as Nov. 1, 2023 that “[w]e expect respiratory revenue to be at the upper end of our range of $610 million to $775 million for Q4[]” and “to get to the high end of the range that respiratory revenue that I talked about in the prepared remarks, you’re looking to increase roughly $50 million from Q3 to Q4.”
But, on Feb. 14, 2024, QuidelOrtho announced that its Q4 and FY 2023 revenues declined about 14% and 9%, respectively, from the prior year periods and blamed that performance in part on Q4 and FY 2023 declines in respiratory revenues of about 49% and 62%, respectively, from the prior year periods.
Analysts did not react kindly to the news, with JP Morgan reportedly downgrading the stock to underweight and slashing its price target, pointing to a lack of clarity over the company’s outlook.
This news sent the price of QuidelOrtho crashing $21.50, or over 32%, lower on Feb. 14, 2024.
If you invested in QuidelOrtho 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 QuidelOrtho investigation, read more »
Whistleblowers: Persons with non-public information regarding QuidelOrtho 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 QDEL@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.
Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Reed Kathrein, 844-916-0895
