PTLA.US
id: 420, Created by Stan Vick, Scout
Portola Pharma
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- Company agreed to pay compensation to its investors, to avoid further litigation
- We help you to prepare documents and file for compensation
Claim deadline for this case already passed by, but we can still try and file for compensation for you
Claim payout
N.D. California
Court08 Jan 2019
Class period Start28 Feb 2020
Class period End13 Feb 2023
Claim deadlineHayden 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
Lead plaintiff
Alameda County Employees’ Retirement Association, Oklahoma Firefighters Pension and Retirement System
Attorney
Berman Tabacco
Judge
Hon. Vince Chhabria
Administrator
EPIQ
Court hearing date
02 March 2023
+$17,500,000
Total Settlement Amount