Assertio Holdings, a pharmaceutical company, is currently facing a securities class action lawsuit for alleged violations of federal securities laws. The law firm of Kessler Topaz Meltzer & Check, LLP has informed investors about the lawsuit, which accuses Assertio of omissions and fraudulent misrepresentations regarding the company’s business, operations, and prospects. As a result, Assertio’s investors have reportedly suffered significant losses.
The lawsuit stems from Assertio’s acquisition of Spectrum Pharmaceuticals, a biopharmaceutical company, and the subsequent approval of a generic version of one of Assertio’s products by the FDA. In July 2023, Assertio acquired Spectrum and expressed optimism about the future prospects of the acquisition. However, in August 2023, the FDA granted approval to Zydus Lifesciences Limited to manufacture and market a generic version of Assertio’s product, leading to the withdrawal of Assertio’s financial outlook for 2023. This news caused a significant decline in Assertio’s stock price.
Further, in November 2023, Assertio reported disappointing Q3 financial results, with lower-than-expected earnings-per-share and revenue. The company attributed these results to the loss of exclusivity for one of its products and underwhelming performance of another acquired asset. As a result, Assertio’s stock price experienced another significant drop.
Assertio investors who have suffered losses have until March 5, 2024, to move the Court to serve as lead plaintiff for the class. Kessler Topaz Meltzer & Check, LLP is encouraging affected investors to contact the firm directly for more information.
Kessler Topaz Meltzer & Check, LLP is a renowned law firm known for its advocacy in protecting the public against corporate fraud and other wrongdoing. The firm has a track record of successfully recovering billions of dollars for its clients and the classes of shareholders it represents. In addition to representing investors, Kessler Topaz also assists whistleblowers who expose wrongdoing in cases brought under federal and state qui tam statutes and financial fraud whistleblower programs.
It is important to note that the allegations made in the lawsuit are still under investigation, and no final judgment has been reached. Assertio Holdings and Spectrum Pharmaceuticals are both prominent players in the pharmaceutical industry, known for their contributions to medical advancements and patient care.
Investors and stakeholders should closely monitor the developments of this lawsuit and consult legal counsel for guidance on their rights and potential courses of action.
