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Shareholder Alert: Robbins LLP Reminds Investors Portola Pharmaceuticals, Inc. (PTLA) Sued for Misleading Shareholders

February 10, 2020 GMT

SAN DIEGO & SAN FRANCISCO--(BUSINESS WIRE)--Feb 10, 2020--

Shareholders Rights law firm Robbins LLP reminds investors that a purchaser of Portola Pharmaceuticals, Inc. (NASDAQ: PTLA) filed a class action complaint for alleged violations of the Securities Exchange Act of 1934 between November 5, 2019 and January 9, 2020. Portola Pharmaceuticals is a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases.

If you suffered a loss as a result of Portola’s misconduct, click here.

Portola Pharmaceuticals, Inc. (PTLA) Accused of Misleading Shareholders

According to the complaint, throughout the relevant period, Portola had issued a series of misleading statements that failed to disclose that Portola’s internal control over financial reporting for reserve product returns was not effective. Specifically, the Company was shipping longer-dated product with 36-month shelf life without establishing adequate reserve for returns of prior shipments of short-dated product, which created a need for Portola to “catch up” on accounting for return reserves. As a result, on January 9, 2020, Portola announced preliminary net revenues of only $28 million for fourth quarter of 2019, citing a $5 million reserve adjustment for short-dated product and flat quarter-over-quarter demand for the disappointing financials. On this news, the Company’s share price fell $9.98 per share, or approximately 40%, to close at $14.76. The stock continues to decline.

Portola Pharmaceuticals, Inc. (PTLA) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200210005755/en/

CONTACT: Leo Kandinov

Robbins LLP

5040 Shoreham Place

San Diego, CA 92122

(800) 350-6003

lkandinov@robbinsllp.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Robbins LLP

Copyright Business Wire 2020.

PUB: 02/10/2020 03:42 PM/DISC: 02/10/2020 03:42 PM

http://www.businesswire.com/news/home/20200210005755/en