The legal action, Mazzarino v. ADMA Biologics, Inc., et al., centers on claims that the company misled shareholders regarding its 2025 financial performance. According to the complaint, ADMA induced distributors to stockpile its flagship immune globulin product, ASCENIV, through rebates and extended payment terms. This practice, often referred to as channel stuffing, allegedly allowed the company to inflate revenue figures that otherwise would have shown a 3% decline.

Scrutiny intensified on March 24, 2026, when Culper Research published findings detailing the alleged scheme and the use of an undisclosed related party distributor. The market reaction was swift, with ADMA shares falling 16.6% in a single day. Subsequent downgrades by Cantor and further disclosures pushed the stock price down by an additional 15% the following day, and another 13.9% by March 29. The lawsuit, filed by Bleichmar Fonti & Auld LLP, seeks to hold the company and its senior executives accountable for alleged violations of the Securities Exchange Act of 1934.