ADMA Biologics ($ADMA) ASCENIV Revenue and Related-Party Disclosure Case

• $ADMA investors filed a claim against ADMA Biologics for inflating ASCENIV revenue through unwanted distributor shipments and concealing a related-party distribution relationship.

• After a short-seller report alleged channel stuffing and an undisclosed related-party distributor, $ADMA fell 39.0% from March 24 to March 26, 2026.

• $ADMA investors can join this case to be notified about potential recovery.

Case Details:

Between August 9, 2024 and March 25, 2026, ADMA Biologics reported strong ASCENIV revenue growth and stated that revenue was recognized when customers received control of the product.

However, investors believed ASCENIV revenue growth was supported by excess shipments into distributors rather than underlying demand.

The distribution network included Genesis BioPharma Services, which operated alongside ADMA-linked entities and shared operational connections with the company.

On March 24, 2026, Culper Research reported that ASCENIV revenue performance was supported by excess channel inventory and that demand was weaker without these shipments. $ADMA fell 16.6%, closing at $11.33.

On March 26, 2026, additional updates included a downgrade following ADMA’s response to these concerns. By March 26, 2026, shares had dropped to $8.29, representing a total decline of 39%.

Based on these events, $ADMA investors filed a case against ADMA Biologics, stating that the company:

• Inflated ASCENIV revenue through excess distributor shipments.

• Did not clearly disclose the related-party nature of its distribution structure.

• Presented revenue growth and internal controls in a way that did not reflect underlying demand conditions.

Investors argue ADMA Biologics misrepresented ASCENIV demand and revenue quality, leading to losses when the underlying sales conditions became visible.