RADNOR, Pa., Jan. 14, 2024 /PRNewswire/ — The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that a securities class action lawsuit has been against Assertio Holdings, Inc. (“Assertio”) (NASDAQ: ASRT). The action charges Assertio with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Assertio’s materially misleading statements and omissions to the public, Assertio’s investors have suffered significant losses.
CLICK HERE TO SUBMIT YOUR ASSERTIO LOSSES. YOU CAN ALSO CLICK ON THE FOLLOWING LINK OR COPY AND PASTE IN YOUR BROWSER: https://www.ktmc.com/new-cases/assertio-holdings-inc?utm_source=PR&utm_medium=link&utm_campaign=asrt&mktm=r
LEAD PLAINTIFF DEADLINE: MARCH 5, 2024
CLASS PERIOD: MARCH 9, 2023 THROUGH NOVEMBER 8, 2023
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
Jonathan Naji, Esq. at (484) 270-1453 or via email at [email protected]
Kessler Topaz is one of the world’s foremost advocates in protecting the public against corporate fraud and other wrongdoing. Our securities fraud litigators are regularly recognized as leaders in the field individually and our firm is both feared and respected among the defense bar and the insurance bar. We are proud to have recovered billions of dollars for our clients and the classes of shareholders we represent.
ASSERTIO’S ALLEGED MISCONDUCT
In July 2023, Assertio acquired Spectrum Pharmaceuticals, Inc. (“Spectrum”), a biopharmaceutical company focused on novel and targeted oncology, along with Spectrum’s injection asset Rolvedon. In a press release announcing the closing of the acquisition, Assertio’s CEO stated, “[w]e look forward to building on the successful early results in the [Rolvedon] Injection launch for the remainder of 2023, driving the business toward [its] goal of accretive contribution to our Adjusted EPS and operating cash flow in 2024.”
On August 3, 2023, Zydus Lifesciences Limited (“Zydus”), a generic pharmaceutical company, received approval from the FDA to manufacture and market 50mg indomethacin suppositories, the generic version of Assertio’s Indocin Suppositories. Specifically, the FDA granted Zydus 180-day Competitive Generic Therapies exclusivity to market the product. Following the FDA’s decision, Assertio withdrew its 2023 financial outlook previously issued in May 2023.
Following this news, Assertio’s stock price fell $2.44 per share, or 45.6%, to close at $2.91 per share on August 4, 2023.
Then, on November 8, 2023, Assertio issued a press release announcing its Q3 2023 financial results. In the results, Assertio reported Q3 non-GAAP earnings-per-share of $0.01, missing consensus estimates by $0.09, and revenue of $35.63 million, missing consensus estimates by $14.8 million. Assertio’s CEO called the Q3 results “disappointing,” noting that “the loss of Indocin exclusivity and Rolvedon results below expectations [drove] significant charges to our net income.” Assertio also indicated that “certain aspects” of Assertio’s July 31, 2023 acquisition of Spectrum “may not be everything we initially expected.”
Following this news, Assertio’s stock price fell $0.92 per share, or 43.19%, to close at $1.21 per share on November 9, 2023.
WHAT CAN I DO?
Assertio investors may, no later than March 5, 2024, move the Court to serve as lead plaintiff for the class, through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Assertio investors who have suffered significant losses to contact the firm directly to acquire more information. The class action complaint against Assertio, Shapiro v. Assertio Holdings, Inc., et al., Case No. 24-cv-00169, is filed in the United States District Court for the Northern District of Illinois.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
280 King of Prussia Road
Radnor, PA 19087
(484) 270-1453
[email protected]
SOURCE Kessler Topaz Meltzer & Check, LLP
