The lawsuit, Mazzarino v. ADMA Biologics, Inc., claims the biopharmaceutical firm violated the Securities Exchange Act of 1934 by allegedly using channel stuffing to fabricate revenue growth. Plaintiffs contend the company failed to maintain adequate internal controls, misleading shareholders regarding its financial health.

Legal scrutiny intensified after a March 2026 report from Culper Research suggested the company’s revenue gains were artificial, fueled by extended payment terms and undisclosed distribution agreements. Following the report, ADMA Biologics shares dropped over 16%. The stock fell an additional 13% after Cantor Fitzgerald downgraded the company's rating, citing investor dissatisfaction with management's rebuttal of the allegations. Robbins Geller Rudman & Dowd LLP is now organizing the class action, inviting investors with substantial losses to participate in the recovery process.