The lawsuit, filed in the U.S. District Court for the District of New Jersey under the name Mazzarino v. ADMA Biologics, Inc., claims the company and its executive officers violated the Securities Exchange Act of 1934. The litigation centers on accusations that ADMA engaged in undisclosed related-party transactions and utilized channel stuffing to artificially inflate reported revenue figures during the specified class period.

Scrutiny intensified on March 24, 2026, when Culper Research released a report alleging that the company’s growth was driven by deceptive practices rather than organic performance. According to the report, the firm claimed that if payment terms had remained steady, the company would have faced a 3% revenue decline in 2025 instead of the reported 20% growth. ADMA Biologics publicly dismissed these claims as speculative and inaccurate, yet the company’s stock price dropped more than 16% following the initial report and fell an additional 13% after Cantor Fitzgerald downgraded the stock, citing investor concerns over the company's response. Robbins Geller Rudman & Dowd LLP is currently soliciting investors with substantial losses to participate in the legal proceedings.