The Law Offices of Frank R. Cruz Announces Investigation of Assertio Holdings, Inc. (ASRT) on Behalf of Investors
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces an investigation of Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On August 3, 2023, the U.S. Food and Drug Administration (“FDA”) granted Zydus Lifesciences Limited (“Zydus”) approval and 180-day Competitive Generic Therapies exclusivity to market its generic version of Assertio’s Indocin Suppositories. Following the FDA’s decision, Assertio withdrew its 2023 financial outlook. On this news, Assertio’s stock price fell $2.44, or 45.6%, to close at $2.91 per share on August 4, 2023, thereby injuring investors.
Then, on November 8, 2023, Assertio released its third quarter 2023 financial results, reporting 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. Additionally, the Company stated that it was “learning” that “certain aspects” of its July 2023 acquisition of Spectrum Pharmaceuticals Inc. “may not be everything [it] initially expected.” On this news, Assertio’s stock price fell $0.92, or 43.2%, to close at $1.21 per share on November 9, 2023.
Then, on January 3, 2024, Assertio announced that its CEO was stepping down from his role at the Company. On this news, Assertio’s stock price fell $0.12, or 11%, to close at $1.01 per share on January 4, 2024, thereby injuring investors further.
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If you purchased Assertio securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.comwww.frankcruzlaw.com
