|Company Name||Portola Pharmaceuticals, Inc.|
|Stock Symbol||NASDAQ: PTLA|
|Class Period||November 5, 2019 to January 9, 2020|
|Motion Deadline||March 16, 2020|
A lawsuit has been filed on behalf of shareholders of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) alleging that Portola and certain executives violated the federal securities laws. Investors who purchased Portola stock between November 5, 2019 and January 9, 2020, that are interested in participating in the lawsuit as a lead plaintiff, are encouraged to submit your information below. Investors may also email the firm to obtain information at email@example.com or call (617) 531-3917.
Portola Pharmaceuticals, Inc. is a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases. Its lead product is Andexxa, marketed as Ondexxya in Europe. Andexxa is for patients treated with rivaroxaban or apixaban, when anticoagulation needs to be reversed due to life-threatening or uncontrolled bleeding.
The Complaint alleges that throughout the Class Period, Defendants made misleading statements about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (2) that Portola was shipping longer-dated product with 36-month shelf life; (3) that Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) that, as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading or lacked a reasonable basis. It is alleged that when the market learned the truth about Portola, investors suffered damages.
Investors who purchased PTLA securities between November 5, 2019 and January 9, 2020, are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting your information below. Interested PTLA shareholders have until March 16, 2020, to apply to be lead plaintiff. The class has not yet been certified. Investors who do not wish to be a lead plaintiff need not take any action.
The Thornton Law Firm’s securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.