The legal action follows a March 2026 report by Culper Research, which characterized ADMA’s revenue growth as a fiction sustained by a de facto channel stuffing scheme and undisclosed related-party distributors. Culper analysts estimated that, when adjusting for these practices, the company’s 2025 revenues actually declined by 3% rather than the 20% growth reported by management. The initial market reaction was sharp, with ADMA shares dropping 16.63% to close at $11.33 on the day the report surfaced.

Investor confidence took a further hit on March 26, 2026, when Cantor Fitzgerald downgraded the stock. The firm cited dissatisfaction with ADMA's public response, noting that the company failed to provide specific rebuttals to the allegations of channel stuffing. Following the downgrade, the stock price fell an additional 13.91%, closing at $8.29 per share. Pomerantz LLP, representing the class, is now soliciting inquiries from shareholders who acquired securities during the period in question.