Quidel Corporation (QDEL) COVID-19 tests Issues Case

• $QDEL stockholder filed a claim vs. Quidel for hiding COVID-19 tests overstocking issues and prospects for the Savanna RVP4 Test in the US.

• On April 2, 2024, news about the RVP4 FDA submission withdrawal caused $QDEL to fall 10%, losing $324M+ in shareholder value.

On April 2, 2024, Quidel (QDEL) announced that it had withdrawn its FDA submission for approval to sell the Savanna RVP4 Test in the US after recent data did not meet expectations.

On this news, $QDEL dropped over 10% and lost $324 million of its market capitalization.

Earlier, on February 13, 2024, QuidelOrtho reported poor results for Q4 2023.

• The Company’s Adjusted EPS was 46% below the midpoint of Wall Street analysts’ expectations. This miss was largely attributed to lower COVID-19 revenues during the quarter due to distributor destocking.

• QuidelOrtho also lowered its annual endemic COVID-19 revenue forecast from the range of $200-$400 million to $200 million.

On this news, $QDEL dropped over 32%, losing $1.44 billion of its shareholder value.

Given all the facts, investors have reasons to suspect QuidelOrtho of hiding COVID-19 tests overstocking issues throughout the supply chain.

The first $QDEL investor filed a claim vs. Quidel for hiding COVID-19 tests overstocking issues and prospects for the Savanna RVP4 Test in the US in S.D. New York court.