Assertio Holdings, Inc.
Exchange: NASDAQ
Ticker: ASRT
Date of Filing: 01/05/2024
Court: Northern District of Illinois
Filing Deadline

03/05/2024

TWERSKY LAW GROUP Notifies Assertio Holdings, Inc. (ASRT) Investors of Class Action

Assertio Holdings – Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Assertio Holdings, Inc. (“Assertio Holdings” or “the Company”) (NASDAQ: ASRT) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Maison Solutions securities from March 9, 2023 through November 8, 2023 (the “Class Period”). Investors who acquired Maison Solutions securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is March 5, 2024.

The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Assertio Holdings securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.

 

ALLEGATIONS AGAINST ASSERTIO HOLDINGS

Assertio is a commercial pharmaceutical company that purportedly offers differentiated products to patients utilizing a non-personal promotional model. One of the Company’s primary pharmaceutical products is Indocin, an oral and suppository solution for the treatment of moderate to severe rheumatoid arthritis. However, because there are no patents covering the Indocin products, Assertio can potentially face competition at any time from the introduction of generic versions of these products made by competitors. In July 2023, Assertio acquired Spectrum Pharmaceuticals, Inc. (“Spectrum”), a biopharmaceutical company focused on novel and targeted oncology, along with Spectrum’s injection asset Rolvedon (the “Spectrum Acquisition”). In a press release announcing the closing of the acquisition, Assertio’s Chief Executive Officer (“CEO”) Defendant Dan Peisert (“Peisert”) was quoted as stating, in relevant part, “[w]e look forward to building on the successful early results in the [Rolvedon] Injection launch for the remainder of 2023, driving the business toward [its] goal of accretive contribution to our Adjusted EPS and operating cash flow in 2024.” Throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition; (ii) the Spectrum Acquisition was less valuable than Assertio had represented to investors; (iii) accordingly, Assertio had overstated the positive impact the sale of Indocin products and the Spectrum Acquisition were likely to have on the Company’s profitability; and (iv) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times. On August 3, 2023, Zydus Lifesciences Limited (“Zydus”), a generic pharmaceutical company, received approval from the U.S. Food and Drug Administration (“FDA”) to manufacture and market 50mg indomethacin suppositories, the generic version of the Company’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. On 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, Assertio issued a press release announcing its financial results for its third quarter (“Q3”) of 2023. Among other 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. Defendant Peisert called the Company’s Q3 2023 results “disappointing,” noting that “the loss of Indocin exclusivity and Rolvedon results below expectations [drove] significant charges to our net income” and that the Company was “learning” that “certain aspects” of its July 31, 2023 acquisition of Spectrum Pharmaceuticals Inc. “may not be everything we initially expected.” On 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. On, January 3, 2024, Assertio issued a press release announcing that Defendant Peisert was stepping down from his role as the Company’s CEO. On this news, Assertio’s stock price fell $0.12 per share, or 10.96%, to close at $1.01 per share on January 4, 2024. The Complaint alleges that, throughout the Class Period, Defendants’ wrongful acts and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

 

ABOUT ASSERTIO HOLDINGS

  • Assertio Therapeutics is a specialty pharmaceutical company. It markets products for treatment in neurology, pain and diseases of the central nervous system. 

 

JOIN THIS CASE

It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Assertio Holdings during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is March 5, 2024. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.

Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.



DOCUMENTS


COMPLAINT

PLEASE READ THE COMPLAINT  DOCUMENT BEFORE SIGNING UP FOR THIS CASE.

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