Lawsuit filed for Investors who lost money with shares of Assertio Holdings, Inc. (NASDAQ: ASRT)

An investor, who purchased shares of Assertio Holdings, Inc. (NASDAQ: ASRT), filed a lawsuit over alleged violations of Federal Securities Laws by Assertio Holdings, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Assertio Holdings, Inc. (NASDAQ: ASRT) have certain options and for certain investors are short and strict deadlines running. Deadline: March 5, 2024. NASDAQ: ASRT investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Lake Forest, IL based Assertio Holdings, Inc., a commercial pharmaceutical company, provides medicines in the areas of neurology, hospital, and pain and inflammation. In July 2023, Assertio Holdings, Inc. 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 Holdings, Inc's Chief Executive Officer ("CEO") Dan 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."

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 Assertio Holdings' Indocin Suppositories.

Specifically, the FDA granted Zydus 180-day Competitive Generic Therapies exclusivity to market the product. Following the FDA's decision, Assertio Holdings, Inc. withdrew its 2023 financial outlook previously issued in May 2023.

Then, on November 8, 2023, Assertio Holdings, Inc. announced its financial results for its third quarter ("Q3") of 2023. Among other results, Assertio Holdings, Inc. 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. The Assertio Holdings, Inc's Chief Executive Officer 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, January 3, 2024, Assertio Holdings, Inc announced that its CEO Peisert was stepping down from his role as the Company's CEO.

Shares of Assertio Holdings, Inc. (NASDAQ: ASRT) declined from $8.01 per share on May 11, 2023, to as low as $0.88 per share on January 17, 2024.

The plaintiff claims that between March 9, 2023 and November 8, 2023, the Defendants made false and/or misleading statements and/or failed to disclose thatthe Company's reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition, that the Spectrum Acquisition was less valuable than Assertio had represented to investors, that 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 that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of Assertio Holdings, Inc. (NASDAQ: ASRT) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.