San Diego, CA -- (SBWire) -- 02/05/2020 --An investor, who purchased NASDAQ: PTLA shares, filed a lawsuit against Portola Pharmaceuticals, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) have certain options and for certain investors are short and strict deadlines running. Deadline: March 16, 2020. NASDAQ: PTLA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Francisco, CA based Portola Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes novel therapeutics in the areas of thrombosis and other hematologic disorders and inflammation in the United States. On January 9, 2020, Portola Pharmaceuticals, Inc announced preliminary net revenues of only $28 million for the fourth quarter of 2019. Portola Pharmaceuticals, Inc attributed the result to a $5 million reserve adjustment for short-dated product, and flat quarter-over-quarter demand. According to the announcement, the company estimated Andexxa revenues to be around $28 million for the fourth quarter. Oppenheimer's analyst, Jay Olson, stated that this estimate is "well below our $39 million estimate and $41 million consensus."
According to the announcement, Portola Pharmaceuticals, Inc attributed the decrease in fourth quarter Andexxa sales, in part, to "hospital pharmacies curtailed use of Andexxa following drug utilization reviews in an effort to manage pharmacy budgets."
The plaintiff claims that between November 5, 2019 and January 9, 2020, the Defendants failed to disclose to investors that Portola's internal control over financial reporting regarding reserve for product returns was not effective, that Portola was shipping longer-dated product with 36-month shelf life, that Portola had not established adequate reserve for returns of prior shipments of short-dated product, that, as a result, Portola was reasonably likely to need to "catch up" on accounting for return reserves, and 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.
Those who purchased shares of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ: PTLA Investor Notice: Lawsuit Alleges Misleading Statements by Portola Pharmaceuticals, Inc.
A lawsuit was filed on behalf of investors in Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) shares over alleged securities laws violations.