Portola Pharmaceuticals Inc
0 DAYS LEFT TO SEEK LEAD PLAINTIFF STATUS
Case Summary | |
Company Name: | Portola Pharmaceuticals Inc |
Stock Symbol : | NASDAQ: PTLA |
Class Period Start: | 11/05/2019 |
Class Period End: | 01/09/2020 |
Lead Plaintiff motion: | 03/16/2020 |
Date Filed: | 01/16/2020 |
Type of Case: | Securities Class Action |
Court: | U.S. District Court for the Northern District of California |
Summary: | Thieler Law Corp advises investors with losses exceeding $100,000 of the March 16, 2020 lead plaintiff deadline in a class action lawsuit filed against Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) (“Portola” or “the Company”). The suit is pending in the U.S. District Court for the Northern District of California and investors, who purchased Portola Pharmaceuticals Inc securities between November 5, 2019 and January 9, 2020, have until March 16, 2020 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class. If you purchased Portola Pharmaceuticals Inc securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class. The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that Portola’s internal control over financial reporting regarding reserve for product returns was not effective; Portola was shipping longer-dated product with 36-month shelf life; Portola had not established adequate reserve for returns of prior shipments of short-dated product; as a result, Portola was reasonably likely to need to "catch up" on accounting for return reserves; and 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. On January 10, 2020 the Company revealed that its preliminary fourth quarter revenue from its drug Andexxa, an antidote for patients treated with anticoagulants, would only be approximately $28 million which was substantially below the $39 million estimate and $41 million consensus. Portola attributed the performance in part to cost-cutting at hospitals noting that "hospital pharmacies curtailed use of Andexxa following drug utilization reviews in an effort to manage pharmacy budgets." Following this news, NASDAQ: PTLA fell during intra-day trading on January 10, 2020, harming investors. If you were negatively impacted by your investment in Portola Pharmaceuticals Inc securities between November 5, 2019 and January 9, 2020 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. Thieler Law Corp purchases advertisements on search engines, social media sites and other websites. If you send us information, note that does not create an attorney-client relationship with the firm. Materials are provided for informational purposes only and do not constitute legal advice. We are only licensed to practice law in Germany. We are neither licensed nor qualified to render advice on US Federal or State law. Thieler Law Corp 2534 State Street - Suite 406, San Diego, CA 92101 by email: mail@thielerlaw.com or telephone at +1 (619) 377 - 4324 or visit our website http://www.thielerlaw.com/ or Facsimile: +1 (619) 785 – 3185 |