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ADMA Biologics Investigated for Securities Fraud After Plummeting Stock
Culper Research report alleges channel stuffing and overstated revenue growth
Mar. 31, 2026 at 10:28am
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Leading securities law firm Bleichmar Fonti & Auld LLP has announced an investigation into ADMA Biologics, Inc. (NASDAQ:ADMA) for potential violations of federal securities laws. The investigation follows a report by Culper Research that accused ADMA Biologics of engaging in a channel stuffing scheme to artificially inflate its 2025 revenue growth, causing the company's stock to plummet 29% over two trading days.
Why it matters
The allegations of securities fraud against ADMA Biologics, if proven true, could have significant legal and financial consequences for the company and its investors. The investigation highlights the importance of transparency and accurate financial reporting in the biopharmaceutical industry, where investor confidence is crucial.
The details
According to the Culper Research report, ADMA Biologics induced one of its distributors to "stock excess ASCENIV by offering rebates and extended payment terms" in order to meet revenue expectations in 2025. This allegedly allowed the company to book revenue that "was never there" and report 20% growth, when the company's actual revenue declined by 3% that year.
- On March 24, 2026, Culper Research published its report on ADMA Biologics.
- On March 23, 2026, ADMA Biologics' stock closed at $13.59 per share.
- On March 25, 2026, ADMA Biologics' stock closed at $9.63 per share, a 29% decline.
The players
Bleichmar Fonti & Auld LLP
A leading international law firm representing plaintiffs in securities class actions and shareholder litigation.
ADMA Biologics, Inc.
An end-to-end commercial biopharmaceutical company focused on manufacturing and developing specialty biologics, including its flagship product ASCENIV.
Culper Research
An investigative research firm that published a report alleging channel stuffing and overstated revenue growth at ADMA Biologics.
What’s next
BFA Law is investigating the allegations and encourages ADMA Biologics investors to submit their information to the firm. The investigation could lead to a potential class action lawsuit against the company.
The takeaway
The ADMA Biologics case highlights the importance of accurate financial reporting and transparency in the biopharmaceutical industry, where investor confidence is crucial. The investigation by BFA Law could have significant legal and financial implications for the company and its investors if the allegations of securities fraud are proven true.
