PTLA.US
id: 420
N.D. California
Court01/08/2019
Class period Start02/28/2020
Class period End02/13/2023
Claim deadlineHayden v. Portola Pharmaceuticals, Inc. et al.
The Company agreed to pay $17.5 million to settle a securities class action lawsuit to avoid further litigation.
The Complaint alleged that the Company and its Leaders made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, specifically:
- Portola’s internal control over financial reporting regarding reserve for product returns was not effective;
- Portola was shipping longer-dated products with a 36-month shelf life;
- Portola had not established an adequate reserve for returns of prior shipments of the short-dated product;
- Portola was reasonably likely to need to “catch up” on accounting for return reserves.
Case Status
Disbursed
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Plaintiffs
Alameda County Employees’ Retirement Association, Oklahoma Firefighters Pension and Retirement System
Attorneys
Berman Tabacco
Judge
Hon. Vince Chhabria
Administrator
EPIQ
Court hearing date
03/02/2023
Trades matching type
FIFO
+$17,500,000
Cash Settlement Amount