The lawsuit centers on claims that ADMA Biologics misled investors between August 9, 2024, and March 25, 2026. According to the complaint, the biopharmaceutical firm utilized a practice known as "channel stuffing" to artificially boost the reported success of its flagship immune globulin product, ASCENIV. By allegedly offering undisclosed rebates and extended payment terms to distributors, the company concealed what would have otherwise been a 3 percent decline in revenue.

These allegations surfaced on March 24, 2026, when Culper Research published a report questioning the company’s 20 percent growth figures. The market reaction was immediate: ADMA shares fell from $13.59 to $11.33 on the day of the report, followed by a further drop to $9.63 the next day. Investors who suffered losses during this period have until August 10, 2026, to apply for lead plaintiff status in the case. Berger Montague, a Philadelphia-based firm specializing in complex civil litigation, is managing the outreach for potential class members.