ADMA Biologics Investigated for Securities Fraud Over Culper Report

Investors with Losses Urged to Contact BFA Law

Apr. 1, 2026 at 11:14am

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BFA Law is investigating ADMA Biologics, a biopharmaceutical company, after its stock plummeted 29% due to allegations from Culper Research that ADMA engaged in a channel stuffing scheme to artificially inflate its 2025 revenue growth.

Why it matters

The investigation into ADMA Biologics' alleged securities fraud could have significant implications for the company, its investors, and the broader pharmaceutical industry. Culper Research's claims, if proven true, would raise concerns about ADMA's financial reporting practices and transparency, potentially violating federal securities laws.

The details

According to the report, Culper Research alleged that ADMA Biologics induced one of its distributors to 'stock excess ASCENIV by offering rebates and extended payment terms in order to meet order expectations.' This allegedly allowed ADMA Biologics to book revenue and 'report[] growth that was never there.' Culper Research claims that had ADMA Biologics not engaged in this alleged channel stuffing scheme, it would have experienced revenue declines of 3% in 2025 instead of the reported 20% growth.

  • On March 24, 2026, Culper Research published a report making the allegations against ADMA Biologics.
  • On March 23, 2026, ADMA Biologics' stock was trading at $13.59 per share.
  • On March 25, 2026, ADMA Biologics' stock price dropped to $9.63 per share, a 29% decline.

The players

ADMA Biologics, Inc.

An end-to-end commercial biopharmaceutical company focused on manufacturing and developing specialty biologics. Its flagship product is ASCENIV, a liquid immune globulin solution used to treat Primary Humoral Immunodeficiency in adults and adolescents.

Culper Research

An investigative research firm that published a report alleging ADMA Biologics engaged in a channel stuffing scheme to artificially inflate its 2025 revenue growth.

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What they’re saying

“ADMA Biologics' reported 20% revenue growth in 2025 was driven by a channel stuffing scheme to mask deteriorating demand.”

— Culper Research, Investigative Research Firm

What’s next

BFA Law is investigating the allegations against ADMA Biologics and urging investors who have lost money to contact the firm.

The takeaway

The investigation into ADMA Biologics' alleged securities fraud highlights the importance of transparency and accurate financial reporting in the pharmaceutical industry. If the claims are proven true, it could have far-reaching consequences for the company and its investors.