According to the lawsuit, defendants made false and/or misleading statements and/or failed to disclose that:
- QuidelOrtho sold more COVID-19 tests to its distributors and pharmacy chain customers than they could resell to healthcare providers and end customers;
- excess inventories of COVID-19 tests existed throughout the supply chain;
- as a result, QuidelOrtho’s distributors and pharmacy chain customers were poised to significantly reduce their COVID-19 test orders;
- undisclosed problems created a heightened risk that the Savanna RVP4 Test, QuidelOrtho’s new flagship product which tests for COVID-19 and other respiratory conditions, would experience a delayed commercial launch in the United States; and
- as a result, defendants lacked a reasonable basis for their positive statements about QuidelOrtho’s business, financials, and growth trajectory.
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