A short seller’s report sent ADMA Biologics shares down 16% in a single day. Now investors who bought the stock are being invited to join a securities class action over what the report described.
The law firm Berger Montague announced the suit on behalf of people who bought or acquired ADMA common stock between August 9, 2024 and March 25, 2026. Investors have until August 10, 2026 to inquire about it. ADMA trades on NASDAQ, is based in Ramsey, New Jersey, and makes specialty biologics for immune deficiencies and infectious diseases. Its flagship product, ASCENIV, is a liquid immune globulin therapy for Primary Humoral Immunodeficiency.
What the suit alleges
The complaint says ADMA ran a channel-stuffing scheme during that period to prop up revenue while demand for ASCENIV was falling. It also says the company failed to disclose related party transactions. These are allegations. They have not been tested in court.
The claims track a report from financial analyst Culper Research, published March 24, 2026 under the title “ADMA Biologics Inc (ADMA): Channel Stuffing, an Undisclosed Related Party Distributor, and -3% Real Growth in 2025 vs. +20% Reported.” Culper asserted that ADMA was able to “report revenue growth that was never there.” Its method, according to the report, was to get one distributor to “stock excess ASCENIV by offering rebates and extended payment terms.”
Without that arrangement, Culper said, ADMA’s 2025 revenue would have fallen 3% instead of rising the reported 20%.
The price drop
The market reacted at once. ADMA closed at $13.59 on March 23 and at $11.33 on March 24, a loss of $2.26 a share. The next day it shed another $1.70, or 15%, to finish at $9.63 on March 25.
Berger Montague, a Philadelphia firm, says it has recovered more than $50 billion for clients and classes over 55 years.
