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Portola Pharmaceuticals, Inc. (PTLA) Accused of Misleading Shareholders
According to the complaint for alleged violations of the Securities Exchange Act of 1934 and Securities Act of 1933 between January 8, 2019 and February 26, 2020, throughout the relevant period, Portola Pharmaceuticals, Inc. (PTLA) touted Andexxa’s revenues and future prospects, calling it one of the most successful drug launches in history with “deepening utilization” and increasing reorder rates, resulting in robust revenue growth for Portola. However, in reality, Portola’s high wholesale price of $49,500 per dose caused many hospitals to curtail their use of the drug, materially diminishing the demand for Andexxa. Then, on January 9, 2020, Portola announced global revenues of Andexxa that fell significantly short of analysts’ expectations at $28 million for the fourth quarter, citing flattening Andexxa demand that also resulted in a $5 million charge for unused and returned Andexxa. Portola reported a fourth quarter 2019 loss of $96.7 million on February 26, 2020, citing a $27.5 million charge arising from its discontinuation of its product Bevyxxa to help the Company focus on its efforts with Andexxa. Following these disclosures, Portola’s share price fell $12.33 per share, or almost 50%, to close at $10.17 per share.