Portola Pharmaceuticals, Inc.
The law firm of Kirby Mcinerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of those who acquired Portola Pharmaceuticals, Inc. (“Portola” or the “Company”) (NASDAQ: PTLA) securities during the period from November 5, 2019 through January 9, 2020 (the “Class Period”). Investors have until March 16, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (ii) Portola was shipping longer-dated product with 36-month shelf life; (iii) Portola had not established adequate reserve for returns of prior shipments of short-dated product; and (iv) as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves.
On January 9, 2020, Portola announced preliminary net revenues of only $28 million for the fourth quarter of 2019. Portola attributed the result to a $5 million reserve adjustment for short-dated product, and flat quarter-over-quarter demand. On this news, the shares of Portola fell $9.98, or 40.3%, to close at $14.76 per share on January 10, 2020.
If you acquired Portola securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.