Case Summary

Assertio Holdings

NASDAQ: ASRT

Case Details

  • Shapiro v. Assertio Holdings, Inc. et al.
  • Class Period:March 09, 2023 - November 08, 2023
  • Date Filed:January 05, 2023
  • Jurisdiction:U.S. District Court, Northern District of Illinois
  • Docket Number: 1:24-cv-00169
  • Lead Plaintiff Deadline: March 5, 2024
Days Left to
Seek Plaintiff
12

Overview

A class action lawsuit has been filed against Assertio Holdings, Inc., (“Assertio” or the “Company”) (NASDAQ: ASRT) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Assertio securities between March 9, 2023, and November 8, 2023, both dates inclusive (the “Class Period”) and investors have until March 05, 2024, to seek appointment as lead plaintiff of the Assertio class action lawsuit.

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, that thay 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.

The lawsuit alleges that 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: (1) the Company’s reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition; (2) the Spectrum Acquisition was less valuable than Assertio had represented to investors; (3) 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 (4) as a result, Defendants’ public statements were materially false and/or misleading at all relevant times.

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If you purchased or otherwise acquired acquired Assertio (NASDAQ: ASRT) securities between March 9, 2023, and November 8, 2023, both dates inclusive, and suffered substantial losses, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the Assertio lawsuit is March 05, 2024.

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