NEW YORK, NY - 
(NewMediaWire) - January 22, 2024 - Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) securities between March 9, 2023 and November 8, 2023, inclusive (the “Class Period”). Click Here to Join Investigation.
Assertio is a commercial pharmaceutical company. According to the complaint, the Company’s primary pharmaceutical product is Indocin, an oral and suppository solution for the treatment of rheumatoid arthritis.
On August 3, 2023, according to the complaint, Zydus Lifesciences Limited ("Zydus"), a generic pharmaceutical company, received approval from the FDA to manufacture and market 50mg indomethacin suppositories, the generic version of Assertio's Indocin Suppositories. Specifically, the FDA granted Zydus 180-day Competitive Generic Therapies exclusivity to market the product. Following the FDA's decision, Assertio withdrew its 2023 financial outlook previously issued in May 2023.
Following this news, Assertio's stock price fell $2.44 per share, or 45.6%, to close at $2.91 per share on August 4, 2023.
Then, on November 8, 2023, according to the complaint, Assertio issued a press release announcing its Q3 2023 financial results. In the results, Assertio reported Q3 non-GAAP earnings-per-share of $0.01, missing consensus estimates by $0.09, and revenue of $35.63 million, missing consensus estimates by $14.8 million. Assertio's CEO allegedly called the Q3 results "disappointing," noting that "the loss of Indocin exclusivity and Rolvedon results below expectations [drove] significant charges to our net income." Assertio also indicated that "certain aspects" of Assertio's July 31, 2023 acquisition of Spectrum "may not be everything we initially expected."
Following this news, Assertio's stock price fell $0.92 per share, or 43.19%, to close at $1.21 per share on November 9, 2023.
If you are a member of the proposed Class, you may move the court no later than March 5, 2024 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey. With over 50 years of experience in complex litigation, Kaplan Fox offers the professional experience and track record that clients demand. Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
