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Case Status:    ONGOING    
On or around 10/02/2020 (Date of last review)

Filing Date: January 16, 2020

According to the Complaint, Portola Pharmaceuticals, Inc. is a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases. Its lead product is Andexxa, marketed as Ondexxya in Europe. Andexxa is for patients treated with rivaroxaban or apixaban, when anticoagulation needs to be reversed due to life-threatening or uncontrolled bleeding.

The Complaint 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, the Complaint alleges Defendants failed to disclose to investors: (1) that Portola’s internal control over financial reporting regarding reserve for product returns was not effective; (2) that Portola was shipping longer-dated product with 36-month shelf life; (3) that Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) that, as a result, Portola was reasonably likely to need to “catch up” on accounting for return reserves; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On April 22, 2020, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on May 20. Defendants filed a Motion to Dismiss the consolidated Complaint on July 1. On September 24, the Court granted Defendants' Motion to Dismiss, with leave to amend.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PTLA
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. California
DOCKET #: 20-CV-00367
JUDGE: Hon. Vince Chhabria
DATE FILED: 01/16/2020
CLASS PERIOD START: 11/05/2019
CLASS PERIOD END: 01/09/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Prongay & Murray LLP
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 20-CV-00367
JUDGE: Hon. Vince Chhabria
DATE FILED: 05/20/2020
CLASS PERIOD START: 01/08/2019
CLASS PERIOD END: 02/26/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman Tabacco
  2. Saxena White P.A. (San Diego)
No Document Title Filing Date
—Related District Court Filings Data is not available