Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of California on behalf of shareholders of Portola Pharmaceuticals, Inc. who purchased shares between January 8, 2019 and February 26, 2020.
Portola and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On January 9, 2020, the Company disclosed preliminary net revenues for 4Q2019 significantly below analysts’ consensus estimates due to falling demand for its lead product, Andrexxa, and that it was taking a substantial charge of $5 million for unused and returned product previously recognized as revenue.
On this news, the price of Portola’s shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until March 16, 2020 to request that the court appoint them lead plaintiff.