NEW YORK, Jan. 10, 2024 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP:
- Do you, or did you, own shares of Assertio Holdings, Inc. (NASDAQ: ASRT)?
- Did you purchase your shares between March 9, 2023 and November 8, 2023, inclusive?
- Did you lose money in your investment in Assertio Holdings, Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) between March 9, 2023 and November 8, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of Illinois and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Assertio securities, and/or would like to discuss your legal rights and options please visit Assertio Holdings, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Assertio is a commercial pharmaceutical company that purportedly offers differentiated products to patients utilizing a non-personal promotional model. One of the Company’s primary pharmaceutical products is Indocin, an oral and suppository solution for the treatment of moderate to severe rheumatoid arthritis. However, because there are no patents covering the Indocin products, Assertio potentially faces competition at any time from the introduction of generic versions of these products made by competitors.
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: (i) the Company’s reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition; (ii) Assertio’s acquisition of Spectrum Pharmaceuticals was less valuable than Assertio had represented to investors; and (iii) accordingly, Assertio overstated the positive impact the sale of Indocin products and acquiring Spectrum were likely to have on the Company’s profitability.
On November 8, 2023, Assertio issued a press release announcing its financial results for its third quarter (“Q3”) of 2023. Among other results, Assertio reported Q3 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. Assertio’s Chief Executive Officer, Defendant Dan Peisert, called the Company’s Q3 2023 results “disappointing,” noting that “the loss of Indocin exclusivity and Rolvedon results below expectations [drove] significant charges to our net income” and that the Company was “learning” that “certain aspects” of its July 31, 2023 acquisition of Spectrum “may not be everything we initially expected.”
On this news, Assertio’s stock price fell $0.92 per share, or 43.19%, to close at $1.21 per share on November 9, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than March 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Assertio securities, and/or would like to discuss your legal rights and options please visit Assertio Holdings, Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
