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PTLA.US
id: 420
N.D. California
Court
08 Jan 2019
Class period Start
28 Feb 2020
Class period End
13 Feb 2023
Claim deadline
Hayden v. Portola Pharmaceuticals, Inc. et al.

The Company agreed to pay $17.5 million to settle a securities class action lawsuit to avoid further litigation.

The Complaint alleged that the Company and its Leaders 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:
  • Portola’s internal control over financial reporting regarding reserve for product returns was not effective;
  • Portola was shipping longer-dated products with a 36-month shelf life;
  • Portola had not established an adequate reserve for returns of prior shipments of the short-dated product;
  • Portola was reasonably likely to need to “catch up” on accounting for return reserves.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Alameda County Employees’ Retirement Association, Oklahoma Firefighters Pension and Retirement System
Attorneys
Berman Tabacco
Judge
Hon. Vince Chhabria
Administrator
EPIQ
Court hearing date
02 March 2023
Trades matching type
FIFO
+$17,500,000
Total Settlement Amount

Portola Pharma

Portola Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes novel therapeutics in the areas of thrombosis, and other hematologic disorders and inflammation in Europe and...

    Ticker
    PTLA.US
    ISIN
    US7370101088
    CIK
    1269021
    Sector
    Healthcare
    Industry
    Biotechnology
    Country
    USA
    Address
    270 East Grand Avenue, South San Francisco, CA, United States, 94080