Overview
- ADMA shares fell about 29% over two trading days after a short-seller report alleged the company padded revenue through channel stuffing, according to Benzinga.
- Culper Research said days sales outstanding jumped to 113 days from 43, a red flag because this metric tracks how long customers take to pay their bills.
- The report also claimed ADMA hid sales to a related-party distributor, and Culper disclosed it holds a short position in the stock.
- ADMA issued a rebuttal that highlighted rising end-user demand for its ASCENIV therapy, described distributor “safety stock” as standard, and noted an unqualified opinion from independent auditors.
- Shareholder-rights firms Bleichmar Fonti & Auld and Hagens Berman announced investigations into potential securities-law violations, and the stock climbed roughly 12% after the company’s response.