The lawsuit, filed in the U.S. District Court for the District of New Jersey under the caption Mazzarino v. ADMA Biologics, Inc., et al., follows an investigative report by Culper Research. The report alleged that ADMA utilized rebates and extended payment terms to induce distributors to stockpile excess inventory, a practice known as channel stuffing. According to the complaint, these actions allowed the company to report 20% growth for 2025, while actual performance allegedly reflected a 3% decline.

The disclosure of these claims triggered a sharp sell-off in ADMA shares. The stock dropped 16.6% on March 24, 2026, followed by a further 15% decline the next day. Subsequent downgrades from analysts pushed the price down an additional 13.9% by March 29. Shareholders now seek to hold the company and its senior executives accountable for alleged violations of the Securities Exchange Act of 1934. Investors interested in serving as lead plaintiff must petition the court by August 10, 2026.