The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Assertio Holdings, Inc. (ASRT) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired 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.

If you are a shareholder who suffered a loss, click here to participate.

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.

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If you purchased Asserito securities during the Class Period, you may move the Court no later than March 5, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Asserito 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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

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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Assertio Holdings, Inc. (ASRT) Investors