The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) who purchased shares between January 8, 2019 and February 26, 2020. The action, which was filed in the United States District Court for the Northern District of California, alleges that the Company violated federal securities laws.
In particular, the Portola lawsuit alleges that (1) Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (2) Portola was shipping longer-dated product with 36-month shelf life; (3) Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves; and (5) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Shareholders have until March 16, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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