Overview
- An investigative report by Culper Research on March 24, 2026 alleged ADMA used a related‑party distributor and inducements to push excess product into the sales channel, and the stock fell about 29% over the next two trading days.
- Plaintiffs’ complaints, filed in federal court as Mazzarino v. ADMA Biologics in the District of New Jersey, assert claims under Section 10(b), Rule 10b‑5 and Section 20(a) for control‑person liability.
- The suits allege ADMA failed to disclose a related‑party transaction, engaged in channel stuffing to overstate 2025 revenue, and lacked adequate internal controls that rendered public statements misleading.
- Since mid‑July multiple plaintiff firms — including Faruqi & Faruqi, Schall, DJS, Rosen and Bleichmar Fonti & Auld — have issued investor notices inviting losses claims and urging eligible investors to seek lead‑plaintiff appointment by August 10, 2026.
- The litigation is at an early procedural stage: no class has been certified, the allegations remain unproven, and who becomes lead plaintiff will shape discovery, case scope, and any settlement outcomes.