Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) Investor Securities Class Action Lawsuit 01/16/2020

If you purchased a significant amount of shares of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) between November 5, 2019 and January 9, 2020, and / or if you purchased any NASDAQ: PTLA shares prior to November 2019 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: March 16, 2020. NASDAQ: PTLA investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Portola Pharmaceuticals
Case Name: 
Portola Pharmaceuticals Shareholder Class Action Lawsuit 01/16/2020
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: PTLA
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/16/2020
Class Period Begin: 
11/05/2019
Class Period End: 
01/09/2020
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
03/16/2020
Summary: 

An investor in shares of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by Portola Pharmaceuticals, Inc. in connection with certain allegedly false and misleading statements made between November 5, 2019 and January 9, 2020.

San Francisco, CA based Portola Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes novel therapeutics in the areas of thrombosis and other hematologic disorders and inflammation in the United States. On January 9, 2020, Portola Pharmaceuticals, Inc announced preliminary net revenues of only $28 million for the fourth quarter of 2019. Portola Pharmaceuticals, Inc attributed the result to a $5 million reserve adjustment for short-dated product, and flat quarter-over-quarter demand. According to the announcement, the company estimated Andexxa revenues to be around $28 million for the fourth quarter. Oppenheimer’s analyst, Jay Olson, stated that this estimate is "well below our $39 million estimate and $41 million consensus."
According to the announcement, Portola Pharmaceuticals, Inc attributed the decrease in fourth quarter Andexxa sales, in part, to "hospital pharmacies curtailed use of Andexxa following drug utilization reviews in an effort to manage pharmacy budgets."

According to the complaint the plaintiff alleges on behalf of purchasers of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) common shares between November 5, 2019 and January 9, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between November 5, 2019 and January 9, 2020, the Defendants failed to disclose to investors that Portola’s internal control over financial reporting regarding reserve for product returns was not effective, that Portola was shipping longer-dated product with 36-month shelf life, that Portola had not established adequate reserve for returns of prior shipments of short-dated product, that, as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves, and that, 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.