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Portola Pharmaceuticals, Inc. Shareholder Investigation: Class Action Lawsuit Filed

BOSTON, MA / ACCESSWIRE / March 5, 2020 / Thornton Law Firm LLP announces that it is investigating a lawsuit filed against Portola Pharmaceuticals, Inc. on behalf of Portola shareholders (PTLA). PTLA investors who have purchased at least 15,000 shares of PTLA stock between November 5, 2019 and January 9, 2020, that are interested to learn more about the case and the lead plaintiff process, are encouraged to visit https://www.tenlaw.com/cases/ptla. Shareholders may also contact the Thornton Law Firm at shareholder@tenlaw.com, or call 617-531-3917. Interested PTLA shareholders have until March 16, 2020, to apply to be lead plaintiff. The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member.

FOR MORE INFORMATION: https://www.tenlaw.com/cases/ptla

Portola Pharmaceuticals, Inc. is a biopharmaceutical company that develops and commercializes treatments for thrombosis and other hematologic diseases. Its lead product is Andexxa, marketed as Ondexxya in Europe. Andexxa is for patients treated with rivaroxaban or apixaban, when anticoagulation needs to be reversed due to life-threatening or uncontrolled bleeding.

The Complaint alleges that throughout the Class Period, Defendants made misleading statements about the Company's business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Portola's internal control over financial reporting regarding reserve for product returns was not effective; (2) that Portola was shipping longer-dated product with 36-month shelf life; (3) that Portola had not established adequate reserve for returns of prior shipments of short-dated product; (4) that, as a result, Portola was reasonably likely to need to "catch up" on accounting for return reserves; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading or lacked a reasonable basis. It is alleged that when the market learned the truth about Portola, investors suffered damages.

If you have purchased at least 15,000 shares of PTLA stock (PTLA), please contact the Thornton Law Firm's shareholder rights team at shareholder@tenlaw.com, or call 617-531-3917 to discuss the lead plaintiff process.

FOR MORE INFORMATION: https://www.tenlaw.com/cases/ptla

Thornton Law Firm's securities attorneys are highly experienced in representing individual shareholders and institutional investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information:

Guillaume O. Buell
Thornton Law Firm LLP
1 Lincoln Street, 13th Floor
State Street Financial Center
Boston, Massachusetts 02111
Email: gbuell@tenlaw.com
Tel: 617-531-3917

SOURCE: Thornton Law Firm LLP

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