Scott+Scott Attorneys at Law LLP Alerts Investors to Securities Class Actions Against Portola Pharmaceuticals, Inc. (PTLA)
NEW YORK, Feb. 11, 2020 /PRNewswire/ -- Scott+Scott Attorneys at Law LLP ("Scott+Scott"), a national securities and consumer rights litigation firm, is notifying investors that class action lawsuits have been filed against Portola Pharmaceuticals, Inc. ("Portola" or the "Company") (NYSE: PTLA) and other defendants related to alleged violations of federal securities laws. If you purchased Portola securities between May 8, 2019, and January 9, 2020, inclusive, you are encouraged to contact Scott+Scott attorney Rhiana Swartz for additional information at (844) 818-6980 or [email protected].
Portola is a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases. Its lead product is Andexxa (Ondexxya in Europe). Andexxa is for patients treated with rivaroxaban or apixaban, when anticoagulation needs to be reversed due to life-threatening or uncontrolled bleeding.
The lawsuits allege Portola misleadingly touted Andexxa's revenues and future prospects.
The truth emerged on January 9, 2020, when Portola announced preliminary net revenues of $28 million for the fourth quarter of 2019, which missed analysts' consensus estimates by more than 30%. In addition, Portola executives admitted that Andexxa demand was falling dramatically due to "typical" hospital utilization reviews and the short shelf life of a version of the product. The Company also disclosed that it was taking a substantial charge of $5 million for unused and returned Andexxa product previously recognized as revenue and incorporated into Portola's revenue growth numbers, largely stemming from selling a version of Andexxa with a short shelf life.
On this news, the Company's share price plummeted approximately 40% to close at $14.76 per share on January 10, 2020, down from its previous close price of $24.74.
What You Can Do
If you purchased Portola securities between May 8, 2019, and January 9, 2020, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or [email protected]. The deadline for lead plaintiff motions is March 16, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6980
[email protected]
SOURCE Scott+Scott Attorneys at Law LLP
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