LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming March 5, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) securities between March 9, 2023 and November 8, 2023, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
On August 3, 2023, the U.S. Food and Drug Administration (“FDA”) granted Zydus Lifesciences Limited (“Zydus”) approval and 180-day Competitive Generic Therapies exclusivity to market its generic version of Assertio’s Indocin Suppositories. Following the FDA’s decision, Assertio withdrew its 2023 financial outlook. On this news, Assertio’s stock price fell $2.44, or 45.6%, to close at $2.91 per share on August 4, 2023, thereby injuring investors.
Then, on November 8, 2023, Assertio released its third quarter 2023 financial results, reporting 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. Additionally, the Company stated that it was “learning” that “certain aspects” of its July 2023 acquisition of Spectrum Pharmaceuticals Inc. “may not be everything [it] initially expected.” On this news, Assertio’s stock price fell $0.92, or 43.2%, to close at $1.21 per share on November 9, 2023.
Then, on January 3, 2024, Assertio announced that its CEO was stepping down from his role at the Company. On this news, Assertio’s stock price fell $0.12, or 11%, to close at $1.01 per share on January 4, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition; (2) the Spectrum Acquisition was less valuable than Assertio had represented to investors; (3) accordingly, Assertio had overstated the positive impact the sale of Indocin products and the Spectrum Acquisition were likely to have on the Company’s profitability; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Assertio securities during the Class Period, you may move the Court no later than March 5, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
[email protected]
www.frankcruzlaw.com
