Gibbs Law Group Investigates Potential Securities Law Violations
OAKLAND, Calif.–(BUSINESS WIRE)–$PTLA #PTLA–Portola Pharmaceuticals, Inc. shares plummeted on January 10, 2020 after the company shocked investors by announcing that it expects fourth quarter net revenue for the drug Andexxa to be approximately $28 million, well below previous estimates and expectations. Gibbs Law Group is investigating a potential Portola Pharmaceuticals Class Action Lawsuit on behalf of investors who lost money in Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) stock.
To speak with an attorney regarding this class action lawsuit investigation, click here or call (888) 410-2925.
On January 9, 2020, Portola Pharmaceuticals announced preliminary unaudited Andexxa global net revenues for 2019. According to the announcement, the company estimates Andexxa revenues to be around $28 million for the fourth quarter. Oppenheimer’s analyst, Jay Olson, stated that this estimate is “well below our $39 million estimate and $41 million consensus.”
According to the announcement, Portola attributed the decrease in fourth quarter Andexxa sales, in part, to “hospital pharmacies curtailed use of Andexxa following drug utilization reviews in an effort to manage pharmacy budgets.”
Following this news, on January 10, 2020, Portola’s stock price dropped more than 40% to close at $14.76, causing harm to investors.
What Should Portola Pharmaceuticals Investors Do?
If you invested in Portola Pharmaceuticals, visit our website or contact our securities team directly at (888) 410-2925 to discuss how you may be able to recover your losses. Our investigation concerns whether Portola Pharmaceuticals, Inc. and certain of its officers and/or directors have violated federal securities laws.
About Gibbs Law Group
Gibbs Law Group represents individual and institutional investors throughout the country in securities litigation to correct abusive corporate governance practices, breaches of fiduciary duty, and proxy violations. The firm has recovered over a billion dollars for its clients against some of the world’s largest corporations, and our attorneys have received numerous honors for their work, including “Top Boutique Law Firms in California,” “Best Lawyers in America,” “Top Plaintiff Lawyers in California,” “California Lawyer Attorney of the Year,” “Top Class Action Attorneys Under 40,” “Consumer Protection MVP,” and “Top Cybersecurity/ Privacy Attorneys Under 40.”
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Contacts
EILEEN EPSTEIN
PHONE: 510.350.9728
EMAIL: [email protected]
