The legal action centers on accusations that ADMA Biologics and its leadership engaged in securities fraud. Pressure mounted on the firm after a March 24, 2026, report from Culper Research alleged that the company’s growth was driven by a de facto channel stuffing scheme and an undisclosed related-party distributor. The report suggested that, excluding these tactics, company revenues actually declined by 3% in 2025 rather than the 20% growth initially reported.

Market reaction was swift, with ADMA shares dropping 16.63% to close at $11.33 on the day of the Culper report. Further losses occurred on March 26, when Cantor Fitzgerald downgraded the stock, citing the company's failure to provide specific rebuttals to the allegations. That downgrade triggered an additional 13.91% decline, pushing the share price down to $8.29. Investors seeking to participate in the class action are directed to contact Danielle Peyton at Pomerantz LLP.