Overview
- On March 24, 2026, Culper Research published a short report saying ADMA used channel stuffing and an undisclosed related‑party distributor to inflate 2025 revenue, estimating real growth at minus 3% versus the 20% the company reported.
- The short report triggered sharp market moves with ADMA shares plunging—reports show a 16.6% one‑day drop on March 24 followed by further declines as analysts reacted.
- At least one securities suit, captioned Mazzarino v. ADMA Biologics, has been filed in the U.S. District Court for the District of New Jersey and multiple plaintiff firms have publicly announced claims or solicited investors.
- Firms including Bleichmar Fonti & Auld, The Rosen Law Firm, Pomerantz, Kahn Swick & Foti and Levi & Korsinsky are seeking clients to move for lead‑plaintiff status by the court deadline of August 10, 2026 and offer contingency‑fee representation.
- The complaints allege channel stuffing, undisclosed related‑party sales and weak internal controls and assert Section 10(b) and 20(a) claims, but those allegations remain unproven and will be tested in motions, discovery, or settlement talks.