The investigation concerns whether ADMA and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 29, 2016, after the market closed, ADMA announced receipt of a complete response letter from the U.S. Food and Drug Administration ("FDA") regarding the Company's RI-002 product. ADMA disclosed that the FDA had identified certain outstanding inspection issues and deficiencies at ADMA's third-party contract manufacturers, along with its contract drug substance and product manufacturer.
On this news, ADMA stock has fallen as much as $2.85 per share, or 36.3%, to $5.00 during intraday trading on August 1, 2016, the next trading day.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP