Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our firm is investigating possible legal claims on behalf of investors of Portola Pharmaceuticals. On January 10, 2020 Portola Pharmaceuticalsshocked 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.
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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:
- A $5 million gross to net adjustment due to a return reserve for short-dated product; and
- [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.
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