The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of investors who purchased Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) securities between January 8, 2019 and February 26, 2020.
According to the Portola lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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.
If you suffered a loss in Portola you have until March 16, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\'t require that you serve as a lead plaintiff.
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