A securities class action has been filed in the USDC — S.D.N.Y. against QuidelOrtho Corporation (QDEL) (“QuidelOrtho” or the “Company”), on behalf of all persons or entities who purchased or otherwise acquired QuidelOrtho common stock between February 18, 2022 and April 1, 2024, both dates inclusive (the “Class Period”).

QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions. The Company’s respiratory business has historically been tied to the sale of seasonal flu tests and more recently to COVID-19 detection tests. Since the onset of the COVID-19 pandemic, the Company has generated a significant portion of its revenue through the sale of COVID-19 tests to government customers, healthcare providers (through its authorized distributors), and large retail pharmacy chains. QuidelOrtho manufactures respiratory tests under various brands, including QuickVue, Sofia, and Savanna.

The Complaint alleges that throughout the Class Period, Defendants misled investors by making statements that were false and misleading when made because they knew or deliberately disregarded and failed to disclose the following adverse facts about QuidelOrtho’s business, operations, and prospects:

1. that QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers;
2. that excess inventories of COVID-19 tests existed throughout the supply chain;
3. that, as a result of (1)-(2), QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders;
4. that undisclosed problems created a heightened risk that the Savanna RVP4 Test would experience a delayed commercial launch in the United States; and
5. that, as a result of (1)-(4), Defendants lacked a reasonable basis for their positive statements about QuidelOrtho’s business, financials, and growth trajectory, thereby harming investors.

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If you purchased QuidelOrtho common stock during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

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