The complaint, filed by Robbins LLP, asserts that ADMA Biologics misled the market by failing to disclose a material related-party transaction and employing "channel stuffing" to artificially boost reported growth. According to the filing, these practices created a facade of success that collapsed after a March 2026 report from Culper Research exposed an undisclosed distribution relationship with Genesis BioPharma Services, an entity allegedly operating directly out of ADMA’s corporate headquarters.

The market reaction was swift. Following the report’s release, ADMA shares plummeted 16.6% on March 24, 2026, and dropped an additional 15% the following day, closing at $11.33. Investors who acquired shares during the period spanning August 9, 2024, to March 25, 2026, are now eligible to join the class action. Those seeking to serve as lead plaintiff must submit their filings by August 10, 2026. The firm notes that representation is conducted on a contingency basis, meaning participants incur no upfront legal fees.