ADMA Biologics Faces Securities Fraud Probe Over Channel Stuffing Claims

BFA Law Notifies Investors to Contact the Firm Regarding Potential Violations of Federal Securities Laws

Apr. 10, 2026 at 10:59am

Got story updates? Submit your updates here. ›

A high-end, photorealistic studio still-life photograph featuring a stack of financial documents, a calculator, and a pen arranged elegantly on a clean, monochromatic background, conceptually representing the abstract corporate strategy and financial risks at the heart of the ADMA Biologics investigation.A photographic still life captures the tension and uncertainty surrounding the allegations of financial misconduct at ADMA Biologics.NYC Today

Leading securities law firm Bleichmar Fonti & Auld LLP has launched an investigation into ADMA Biologics, Inc. (NASDAQ:ADMA) for potential violations of federal securities laws. The investigation focuses on allegations that ADMA Biologics' reported 20% revenue growth in 2025 was driven by a channel stuffing scheme to mask deteriorating demand for its flagship product, ASCENIV.

Why it matters

The allegations of channel stuffing, if true, could represent a serious breach of securities laws and undermine investor confidence in ADMA Biologics' financial reporting. The significant 29% drop in ADMA's stock price following the Culper Research report highlights the potential gravity of the situation and the need for a thorough investigation.

The details

According to the report by Culper Research, ADMA Biologics allegedly 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 alleging ADMA Biologics' channel stuffing practices.
  • On March 23, 2026, ADMA Biologics' stock price was $13.59 per share.
  • On March 25, 2026, ADMA Biologics' stock price dropped to $9.63 per share, a decline of 29%.

The players

ADMA Biologics, Inc.

An end-to-end commercial biopharmaceutical company focused on manufacturing and developing specialty biologics, including its flagship product 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 inflate its reported revenue growth.

Bleichmar Fonti & Auld LLP

A leading international law firm representing plaintiffs in securities class actions and shareholder litigation, which has launched an investigation into ADMA Biologics for potential violations of federal securities laws.

Got photos? Submit your photos here. ›

What’s next

BFA Law is encouraging investors who have purchased ADMA Biologics stock to contact the firm to obtain more information about the investigation and their potential legal options.

The takeaway

The allegations of channel stuffing against ADMA Biologics, if proven true, could have serious consequences for the company and its investors. The significant stock price drop following the Culper Research report highlights the need for a thorough investigation to determine the extent of any potential securities law violations and protect the interests of ADMA Biologics' shareholders.