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PORTOLA PHARMACEUTICALS, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against Portola Pharmaceuticals, Inc.

LEAD PLAINTIFF DEADLINE IS MARCH 16, 2020

NEW YORK, Jan. 23, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP, announces the filing of a federal securities class action lawsuit in the United States District Court for the Northern  District of California on behalf of purchasers of the securities of Portola Pharmaceuticals, Inc. (PTLA) between November 5, 2019 and January 9, 2020, inclusive (the "Class Period").

All investors who purchased shares of Portola Pharmaceuticals, Inc.   and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Portola Pharmaceuticals, Inc., you may, no later than March 16, 2020,  request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Portola Pharmaceuticals, Inc.

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According to the filed complaint, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:

  • Portola's internal control over financial reporting regarding reserve for product returns was not effective;
     
  • Portola was shipping longer-dated product with 36-month shelf life;
     
  • Portola had not established adequate reserve for returns of prior shipments of short-dated product;
     
  • as a result, Portola was reasonably likely to need to "catch up" on accounting for return reserves; and
     
  • as a result of the foregoing, defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On January 9, 2020, Portola announced preliminary net revenues of only $28 million for the fourth quarter of 2019, citing a $5 million reserve adjustment for short-dated product and flat quarter-over-quarter demand for the disappointing financials.

On this news, the Company's share price fell $9.98 per share, or approximately 40%, to close at $14.76.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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