ADMA Biologics stock closed at $13.59 on March 23, 2026. Two days later it closed at $9.63.
The slide followed a report from Culper Research, an investigative research firm, and it has now produced a securities class action. The law firm Bleichmar Fonti & Auld announced on July 21 that the suit had been filed against ADMA (NASDAQ: ADMA) and some of its senior executives. The case is Mazzarino v. ADMA Biologics, Inc., et al., No. 26-cv-6918, in the U.S. District Court for the District of New Jersey. Investors who want to seek appointment as lead plaintiff have until Aug. 10, 2026.
The complaint brings claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Everything below is allegation, not a finding.
What the report said
Culper published its report on March 24. Its title ran through the main charges: “Channel Stuffing, an Undisclosed Related Party Distributor, and -3% Real Growth in 2025 vs. +20% Reported.”
According to Culper, ADMA got one of its distributors to stock extra ASCENIV, its flagship product, by offering rebates and extended payment terms. That let the company book revenue and “report[] growth that was never there.” Without the arrangement, Culper said, revenue would have fallen 3% in 2025 instead of rising the reported 20%. The suit alleges demand for ASCENIV was waning and that ADMA did not disclose related party transactions.
ASCENIV is a liquid immune globulin used to treat Primary Humoral Immunodeficiency in adults and adolescents. ADMA describes itself as an end-to-end commercial biopharmaceutical company that makes, markets and develops specialty biologics.
The price drops
On March 24 the stock fell $2.26, or 16.6%, to $11.33. It lost another $1.70, or 15%, the next day. On March 26, Investing.com published an article headlined “Cantor downgrades ADMA Biologics stock rating on short report concerns.” The shares then dropped a further $1.34, or 13.9%, to $8.29.
