Portola Pharmaceuticals Lawsuit Investigation

Portola stock drops 40%; Andexxa revenue comes in far below expectations

Our firm is investigating possible legal claims on behalf of investors of Portola Pharmaceuticals. On January 10, 2020 Portola Pharmaceuticals (NASDAQ: PTLA) shocked the market and dropped nearly 40% after the company announced that its drug, Andexxa, brought in revenue significantly below fourth quarter estimate and expectations. We are investigating whether Portola and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

Lost Money in Portola Pharmaceuticals?

You may be eligible to recover your losses. Get a free and confidential consultation.

(Please provide number of shares, purchase date, and estimated losses.)


Portola Stock News: Stock drops over 40% on Andexxa Revenue Announcement

On January 9, 2020, Portola Pharmaceuticals announced that its preliminary unaudited Andexxa global net revenues came in far below estimates. 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.”

In a press release issued by the company, Portola attributed its disappointing fourth quarter Andexxa sales to two factors:

  1. $5 million gross to net adjustment due to a return reserve for short-dated product; and
  2. [H]ospital pharmacies curtailed use of Andexxa following drug utilization reviews in an effort to manage pharmacy budgets.

On this news, Portola’s share price plummeted over 40% causing significant harm to investors.

Our Securities Lawyers Have a Winning Record Against Companies Like Portola Pharmaceuticals

Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.

You “shouldn’t presume that powerful banks and other powerful interests can just get away with doing bad things. Good, qualified counsel that are committed to a cause can usually figure out how to prosecute such cases effectively and prevail.”

Eric Gibbs, award-winning securities attorney

Praise from the Courts

Federal judge in our AT&T class action:

“I’ve always found them to be extraordinary counsel in terms of their preparation and their professionalism.”

Federal judge in our Chase lawsuit (resulting in $100 million settlement):

They “fought tooth and nail, down to the wire” to achieve “the best settlement that they could under the circumstances.”

Read more about what judges say about us.

Eileen Epstein Carney

Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.

Dave Stein

David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.

Amanda Karl

Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.

Gibbs Law Group's Financial Fraud Experience

Gibbs Law Group’s financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.

We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
titan of plaintiffs bar award
best law firm ranking
chambers USA leading firms award
daily journal top plaintiff lawyers award