Full Press Release Details
SAN FRANCISCO, April 06, 2026 (GLOBE NEWSWIRE) -- Investors in ADMA Biologics, Inc. (NASDAQ: ADMA) saw the price of their shares slide over 16% on March 24, 2026 on short seller Culper Research’s report, “ADMA Biologics Inc. (ADMA): Channel Stuffing, an Undisclosed Related Party Distributor, and -3.5% Real Growth in 2025 vs. +20% Reported.”
The developments have prompted national shareholders rights firm Hagens Berman to investigate whether ADMA may have violated the federal securities laws.
The firm urges investors in ADMA who suffered significant losses to submit your losses now. The firm also encourages witnesses who may be able to assist in the firm’s investigation to contact its attorneys.
Contact the Firm Now: ADMA@hbsslaw.com
ADMA Biologics, Inc. (ADMA) Investigation:
ADMA Biologics is a U.S. based, end-to-end commercial biopharmaceutical company that manufactures, markets, and develops specialty biologics for the treatment of immunodeficient patients at risk for infection and others at risk for certain infectious diseases.
One of the company’s main products is ASCENIV, a product indicated for the treatment of Primary Humoral Immunodeficiency.
The investigation is focused on ADMA’s repeated assurances that its financial statements have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) and that its internal control over financial reporting is effective.
Investors’ expectations were dashed on March 24, 2026, when Culper published its findings. Among the matters Culper reported was ADMA’s skyrocketing days sales outstanding (“DSO”), which Culper reported as 113 days as of December 31, 2025 compared to 43 days at the prior year end.
Culper explained the DSO spike, saying “[w]e spoke with two high-level employees at one of ADMA’s two largest distributors, each of whom told us independently that starting in 2025, ADMA induced the distributor to stock excess ASCENIV by offering rebates and extended payment terms in order to meet order expectations[]” and explained that “[d]istributors take unwanted product without having to pay for it, ADMA books the revenues, and reports growth that was never there.”
Culper also said “[w]e believe that, had ADMA held payment terms steady rather than extending terms to inflate reported revenues, the Company would have reported year-over-year revenue declines of 3% in 2025[,]” concluding that “more than the entirety of ADMA’s reported growth is explained by channel stuffing.”
Lastly, Culper accused ADMA of concealing sales to an undisclosed related party.
The market swiftly reacted, sending the price of ADMA shares down over 16% that day, and reportedly drawing a prominent analyst downgrade from overweight to neutral.
“We’re investigating Culper’s claims and, if true, whether ADMA may have violated applicable accounting rules including revenue recognition rules,” said Reed Kathrein, the Hagens Berman partner leading the firm’s investigation.
If you invested in ADMA and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the firm’s ADMA investigation, read more »
Whistleblowers: Persons with non-public information regarding ADMA should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ADMA@hbsslaw.com.
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895