ADMA Biologics Faces Class Action Over Alleged Revenue Inflation

The lawsuit, filed by Levi & Korsinsky, LLP, covers shareholders who purchased securities between August 9, 2024, and March 25, 2026. According to the complaint, ADMA allegedly shipped excess inventory to distributors to meet revenue recognition targets, even as payors imposed restrictions on ASCENIV due to high costs and limited clinical differentiation. While ADMA reported $362.5 million in net revenues for 2025, a March 2026 research report suggested that true demand was significantly weaker.

Central to the allegations is the role of Genesis BioPharma Services, an entity reportedly operated out of the company’s Ramsey, New Jersey headquarters. The lawsuit contends that ADMA failed to adequately disclose its relationship with this entity, which was owned by the company's founding family and allegedly served as a conduit for the channel stuffing scheme. By recognizing revenue upon delivery to these and other distributors, the company maintained an appearance of surging demand that contradicted the realities of the specialty biologics market. Investors seeking to participate in the litigation are encouraged to contact Joseph E. Levi at (212) 363-7500.