QuidelOrtho Corporation (NasdaqGS: QDEL)

Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF has commenced an investigation into QuidelOrtho Corporation (“QuidelOrtho” or the “Company”) (NasdaqGS: QDEL).

According to a securities class action filed against the Company, internal reports and accounts from former employees described serious and unresolved problems with the Company’s flagship test, the Savanna Respiratory Viral Panel 4 (“RVP4”). The lawsuit alleges that the European launch was plagued by high rates of invalid test results, device failures, and mounting customer complaints, with between 60% and 80% of European customer feedback being negative. The complaint further alleges that Savanna’s invalid test rate ran between 10% and 30%, far above the industry standard of 1% to 2%, and that roughly one in four instruments sold in Europe had to be replaced. According to the lawsuit, the product could not consistently meet the FDA’s sensitivity requirements, and manufacturing yields fell far below internal targets, with former employees describing scrap rates of 50% to 80%. The lawsuit also alleges that the Company doubled its endemic COVID-19 revenue guidance, from $150 million–$200 million to $200 million–$400 million, without supporting data, even as internal reports showed declining sales and accumulating inventory.

KSF’s investigation is focusing on whether QuidelOrtho’s officers and/or directors of breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.

If you have information that would assist KSF in its investigation, or have been a long-term holder of QuidelOrtho’s shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at (833) 938-0905 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or fill out the form on this page.