Stock Market

Investor Alert: Levi & Korsinsky, LLP Announces Class Action Lawsuit Against QuidelOrtho Corporation

NEW YORK, May 20, 2024 /PRNewswire/ -- The prominent law firm of Levi & Korsinsky, LLP has issued a notification to investors of QuidelOrtho Corporation, formerly known as Quidel Corporation ("QuidelOrtho" or the "Company"), trading on NASDAQ under the symbol QDEL, regarding a class action securities lawsuit. This legal action aims to seek restitution for QuidelOrtho investors who allegedly suffered financial damages due to purported securities fraud during a specific period.

Class Action Case Defined

The lawsuit specifically targets the recovery of losses for those investors who were impacted by supposed fraudulent activities between February 18, 2022, and April 1, 2024. For more detailed information regarding the case and to find out how to be contacted by a legal representative, interested parties should follow the submission link provided: QuidelOrtho Lawsuit Submission Form.

For personal assistance and further inquiries, QDEL investors may reach out directly to Joseph E. Levi, Esq. via email at [email protected] or through a phone call to (212) 363-7500.

Allegations and Case Details

The filed complaint alleges that defendants, presumably QuidelOrtho's management, made false statements or failed to disclose critical information, implicating the following:

• That QuidelOrtho had oversupplied their COVID-19 tests to distributors and pharmacy chain customers, leading to an unsellable surplus.
• Existence of excessive inventories of COVID-19 tests throughout the distribution chain.
• That due to these stockpiles, the company's distributors and pharmacy customers were expected to significantly reduce their orders for COVID-19 tests.
• There were undisclosed issues that heightened the risk of delaying the commercial launch of a new test named savanna respiratory viral panel-4 in the United States.
• As a result of the above points, the defendants purportedly lacked a reasonable basis for their positive projections regarding QuidelOrtho's business performance, financial situation, and growth prospects.

Deadline and Participation in Lawsuit

Investors who have incurred losses during the implicated timeframe have until June 11, 2024, to request the court to appoint them as lead plaintiff. Notably, eligibility to share in any potential financial recovery does not depend on being appointed as a lead plaintiff.

Zero Cost Commitment for Class Members

Those who belong to the class may be entitled to compensation without having to bear any out-of-pocket expenses or fees. Importantly, there is neither cost nor obligation to participate in this action.

Why Opt for Levi & Korsinsky

Levi & Korsinsky prides itself on a 20-year history of securing substantial financial compensation for aggrieved shareholders, affirming its position as a formidable contender in the realm of complex securities litigation. With a dedicated team of over 70 personnel, the firm is well-equipped to champion its clients' interests. For seven consecutive years, Levi & Korsinsky has been featured in ISS Securities Class Action Services' Top 50 Report, signifying its recognition as one of the premier securities litigation firms in the United States.

Contact Information for Legal Representation

For those seeking legal counsel and representation in this class action, contact information for the law offices of Levi & Korsinsky, LLP is provided below:

Joseph E. Levi, Esq. Ed Korsinsky, Esq. 33 Whitehall Street, 17th Floor New York, NY 10004

Email: [email protected] Telephone: (212) 363-7500 Fax: (212) 363-7171

For additional insights into the firm's legal services and expertise, visit their website at www.zlk.com.

Understanding the Impact of the Alleged Fraud

This lawsuit illuminates concerning allegations that QuidelOrtho may have portrayed an unrealistically robust demand for its COVID-19 tests, which stands in contrast to an apparent oversupply within their sales channels. If substantiated, this overestimation may have led to significant losses for unsuspecting investors who relied on the integrity of the company's growth trajectory and financial disclosures.

The ramifications of alleged false statements and omissions by QuidelOrtho's leadership, if proven accurate, could spark rigorous debate on the necessity for stringent transparency in public health-related sectors, especially given the crucial role of COVID-19 diagnostics in the current medical landscape.

The Repercussions for QuidelOrtho Corporation

If the allegations against QuidelOrtho are corroborated in court, the company might face substantial financial penalties and obligatory corrective actions. This potential outcome emphasizes the importance of ethical corporate communications and the severe consequences that can ensue from misleading investors.

For individual investors, the suit presents an opportunity to recover losses incurred, potentially restoring some of the damages experienced due to the alleged misrepresentations. Those affected by the purported fraud have a limited window to partake in this action, hence the urgency in coming forth to join the lawsuit by the June deadline.

The allegation that QuidelOrtho's positive statements were without a reasonable basis, if proven true, may not only impact the company's own financial health but could also shake investor confidence industry-wide, prompting calls for increased oversight on the reporting practices of similar entities.

The Role of Levi & Korsinsky, LLP

Levi & Korsinsky's track record of successfully navigating high-stakes securities litigation speaks volumes about their potential proficiency in managing the QuidelOrtho case. Their role extends beyond pursuing just compensation; it encompasses upholding the integrity of the market by confronting alleged corporate misconduct head-on.

Investors impacted by the situation can rely on the expertise of attorneys such as Joseph E. Levi, Esq., who has been directly involved in facilitating communication between the legal team and those they represent. Accessibility to seasoned legal experts is crucial in times of financial uncertainty following alleged corporate fraud.

The Need for Advancing Investor Protections

Events like those highlighted in the QuidelOrtho class action underscore the essential need for rigorous investor protections. For the securities market to function fairly, transparency must be paramount, and legal mechanisms must be in place to address and rectify any breach of trust.

Navigating Legal Options and Next Steps

Potential claimants are urged to consider their legal options proactively. Engaging with a law firm such as Levi & Korsinsky can be a strategically advantageous move, especially given the complexity and the intricate nature of securities litigation.

Across the board, the action against QuidelOrtho may set an example for what investors should expect in terms of corporate accountability. This lawsuit could very well be a litmus test for the efficacy of legal recourse in securities fraud cases.

Final Thoughts for the Investment Community

Investors around the globe scrutize such legal developments closely, as they bear implications not only for individual portfolios but for the broader market's regulatory environment. The outcome of the QuidelOrtho class action could lead to a reinforcing of fiduciary responsibilities across publicly traded companies.

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DISCLOSURE: This news article is for informational purposes only and does not constitute a call to action or legal advice. If you are a member of the class described in the lawsuit or are considering participating, please contact Levi & Korsinsky, LLP or another qualified legal professional for guidance.

This press release was distributed by Levi & Korsinsky, LLP, a legal firm that has been dedicated to the representation of shareholders and investors in complex litigation cases, including securities class action lawsuits. For further communications, please refer to the contact details and website link provided earlier in this article.