SAN FRANCISCO - Hagens Berman urges QuidelOrtho Corporation (NASDAQ: QDEL) investors who suffered substantial losses to submit your losses now.  

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QuidelOrtho Corporation (NASDAQ: QDEL) Investigation:

On Feb. 21, 2024, Quidel revealed that its President and CEO Douglas Bryant was involuntarily terminated and that he had resigned from the board. The company announced that Michael Iskra was appointed as the Interim CEO, and Robert Bujarski as the interim president.

Bryant's abrupt departure follows QuidelOrtho’s posting of disastrous Q4 2023 financial results on Feb. 13, 2024, which caused its shares to plummet 32% and prompted several analysts to downgrade the stock.

QuidelOrtho’s fourth quarter financials took the market by surprise. As recently as Nov. 1, 2023, QuidelOrtho’s management had told investors that “[w]e expect respiratory revenue to be at the upper end of our range of $610 million to $775 million for Q4[]” and “to get to the high end of the range that respiratory revenue that I talked about in the prepared remarks, you’re looking to increase roughly $50 million from Q3 to Q4.”

But, on Feb. 14, 2024, QuidelOrtho announced that its Q4 and FY 2023 revenues declined about 14% and 9%, respectively, from the prior year periods and blamed that performance in part on Q4 and FY 2023 declines in respiratory revenues of about 49% and 62%, respectively, from the prior year periods.

The quarterly report prompted William Blair analysts to downgrade QuidelOrtho stock to Market Perform from Outperform. JP Morgan also reportedly downgraded the stock to underweight and slashed its price target, pointing to a lack of clarity over the company’s outlook.

“We are investigating the facts and circumstances leading to Mr. Bryant’s dismissal, and whether QuidelOrtho may have potentially violated the securities laws,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in QuidelOrtho and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the QuidelOrtho investigation, read more »

Whistleblowers: Persons with non-public information regarding QuidelOrtho should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].

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