Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT) securities between March 9, 2023 and November 8, 2023, inclusive (the “Class Period”). Assertio investors have until March 5, 2024 to file a lead plaintiff motion.

Investors suffering losses on their Assertio investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On August 3, 2023, the U.S. Food and Drug Administration (“FDA”) granted Zydus Lifesciences Limited (“Zydus”) approval and 180-day Competitive Generic Therapies exclusivity to market its generic version of Assertio’s Indocin Suppositories. Following the FDA’s decision, Assertio withdrew its 2023 financial outlook. On this news, Assertio’s stock price fell $2.44, or 45.6%, to close at $2.91 per share on August 4, 2023, thereby injuring investors.

Then, on November 8, 2023, Assertio released its third quarter 2023 financial results, reporting non-GAAP earnings-per-share of $0.01, missing consensus estimates by $0.09, and revenue of $35.63 million, missing consensus estimates by $14.8 million. Additionally, the Company stated that it was “learning” that “certain aspects” of its July 2023 acquisition of Spectrum Pharmaceuticals Inc. “may not be everything [it] initially expected.” On this news, Assertio’s stock price fell $0.92, or 43.2%, to close at $1.21 per share on November 9, 2023.

Then, on January 3, 2024, Assertio announced that its CEO was stepping down from his role at the Company. On this news, Assertio’s stock price fell $0.12, or 11%, to close at $1.01 per share on January 4, 2024, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s reliance on Indocin products to boost its net income was unsustainable given the risk of generic competition; (2) the Spectrum Acquisition was less valuable than Assertio had represented to investors; (3) accordingly, Assertio had overstated the positive impact the sale of Indocin products and the Spectrum Acquisition were likely to have on the Company’s profitability; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased Assertio securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240126878378/en/