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QuidelOrtho Corporation Under Legal Fire for Misleading COVID-19 Test Sale Allegations

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Robert Tavares

May 17, 2024 - 09:45 am

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QuidelOrtho Corporation Faces Legal Scrutiny Over Alleged Misrepresentation of COVID-19 Test Sales

NEW YORK, May 17, 2024 – In a pressing announcement that could significantly impact the realm of medical diagnostics shareholders, The Gross Law Firm has issued a crucial notice to shareholders of QuidelOrtho Corporation, formerly known as Quidel Corporation (NASDAQ: QDEL). This comes as a serious development for individuals and institutions that invested in the company during the specified class period.

The legal firm is actively encouraging shareholders who procured QDEL stock within the class period to get in touch regarding potential appointment as the lead plaintiff. However, it has been made clear that stepping forward as lead plaintiff is not a prerequisite for participating in any possible financial recovery efforts.

Urgent Call to Action for Shareholders

Investors are strongly urged to act swiftly by reaching out to The Gross Law Firm. For those who wish to learn more about their rights and the submission process, the firm has provided an online loss submission form, which can be accessed at QuidelOrtho Loss Submission Form.

The class period in question spans from February 18, 2022, to April 1, 2024. During this time frame, significant allegations have arisen concerning the conduct of QuidelOrtho's management and its disclosure practices.

Serious Allegations Put Forth in the Complaint

The class-action lawsuit centers around allegations that QuidelOrtho distributed a surplus of COVID-19 tests to its distributors and pharmacy chain customers, far in excess of what they could resell to healthcare providers and end consumers. The complaint goes on to suggest that this led to an oversaturation of inventories of COVID-19 tests throughout the distribution chain.

A direct consequence of these alleged practices was an impending and significant reduction in COVID-19 test orders from QuidelOrtho's distributors and pharmacy chains, brought about by excess supply. The complaint asserts that there were undisclosed issues that present a heightened risk of delayed commercial launch in the United States for QuidelOrtho's new savanna respiratory viral panel-4 test.

Furthermore, it is claimed that due to these compounded issues, there was a lack of reasonable basis for the optimistic statements made by the defendants about QuidelOrtho’s business operations, fiscal health, and potential for growth.

Crucial Deadline for Shareholder Action

The Gross Law Firm emphasizes that the deadline for registering for this class action lawsuit is June 11, 2024. Shareholders are cautioned not to procrastinate in signing up. By registering, shareholders who purchased QDEL shares within the stated timeframe will be enrolled in a portfolio monitoring software that provides status updates throughout the case's lifecycle.

This offer comes with no financial obligation or costs to participate in the class action case. It serves as a pivotal step in staying informed and potentially recovering investment losses.

Next Steps for Investors

The action points for shareholders are well-defined. Once they register as a shareholder who bought shares of QDEL, they will be immersed in an active monitoring system that not only keeps them updated but represents their interests as the case progresses towards potential litigation or settlement.

Choosing The Gross Law Firm

Choosing the right legal representation could make a significant difference in the outcome of this case. The Gross Law Firm stands as a notable player in the class-action landscape, recognized on a national scale. Their mission orbits around safeguarding the rights of investors who have endured financial damages as a consequence of deceitful practices, fraud, or illegal business operations.

Their commitment is to guarantee that companies maintain responsible business ethics and uphold robust corporate citizenship. The firm doggedly seeks restitution on behalf of investors who have borne losses due to company-issued statements that are misleading or omit imperative material information, resulting in the artificial inflation of the company's stock price.

Contact Information and Legal Advertising

Potential plaintiffs and interested parties are invited to contact The Gross Law Firm at their office located at:

The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018

For direct communication, interested parties can send an email to [email protected] or make a phone call to (646) 453-8903.

Commitment to Transparency and Investor Trust

The Gross Law Firm’s pursuit in this matter reflects a broader, ongoing commitment to transparency and integrity in corporate communications and financial reporting. By addressing such grievances head-on, the firm envisions setting a precedent that upholds investor trust and holds corporations accountable for their public declarations.

How the Outcome Could Shape the Medical Diagnostics Industry

The outcome of the QuidelOrtho class action lawsuit holds potential reverberations beyond the immediate financial concerns of shareholders. A ruling in favor of the plaintiffs might facilitate stricter regulatory oversight of medical products companies, particularly concerning their marketing and supply chain practices. This could lead to a sea change in how these companies conduct business, impacting everything from product launch strategies to investor communications.

Securing a Future Free From Misrepresentation

By setting a legal challenge against suspected corporate malfeasance, The Gross Law Firm aims to not only rectify past grievances for investors but also to contribute to a business ecosystem that demands integrity and honesty at its core. The case against QuidelOrtho Corporation is a stepping stone in this quest, potentially leading not only to financial recompense for affected shareholders but also to heightened standards that protect future investments.

User Readability and Navigation: Exploring the Legal Resources

Investors seeking further insights or considering joining the action can reference the materials provided through the link to The Gross Law Firm's submission form: Registration and Claim Filing.

In Summary

The legal notice issued by The Gross Law Firm regarding QuidelOrtho Corporation marks an essential moment for transparency and accountability in the health sector's corporate dealings. As the June 11, 2024 deadline approaches, shareholders are advised to act promptly in registering their interest or risk missing out on a chance for potential legal redress.

Investors globally will observe closely as this case may set critical precedents for corporate responsibility and shape the future conduct of enterprises within the healthcare industry. It underscores the weight of legal frameworks in maintaining the delicate balance between corporate ambition and ethical accountability, ensuring that the health and financial well-being of consumers and investors alike are safeguarded.

For up-to-date information, legal assistance, and to initiate the claim process, investors and interested parties are encouraged to contact The Gross Law Firm directly or via the provided URL.

Conclusion

This recent development underscores the importance of ethical and transparent business practices within the medical diagnostics industry. As the legal process unfolds, The Gross Law Firm asserts its role as an advocate for investors, seeking justice for those who may have been adversely affected by QuidelOrtho's alleged misstatements and omissions.

The case emphasizes the significance of diligent and accurate company disclosures to the investing public, shining a light on the obligations companies possess in communicating their financial health and business prospects. The Gross Law Firm’s call to action for QuidelOrtho's shareholders represents an opportunity to address potential wrongdoings and to reaffirm the market's confidence in the integrity of corporate conduct.

Note: This news article is for informational purposes only and does not constitute legal advice or an offer to sell or a solicitation of an offer to buy any security. Attorney advertising is present, and prior results do not guarantee similar outcomes. Please see full disclaimer at the source.

Source: The Gross Law Firm

QuidelOrtho Legal Notice