The complaint alleges that ADMA Biologics misled investors about the source of its revenue growth by engaging in a channel-stuffing scheme involving its flagship product, ASCENIV, and by failing to disclose an alleged related-party distribution relationship involving Genesis BioPharma Services. According to the complaint, the truth began to emerge on March 24, 2026, when Culper Research published a report claiming that ADMA's reported growth was driven by excess inventory shipments rather than genuine demand and that significant ASCENIV inventory remained unsold in distribution channels. Following the report, ADMA's stock price fell from approximately $13.59 per share to $8.29 per share by March 26, 2026.
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