Labaton Keller Sucharow serves as Lead Counsel in a securities class action against QuidelOrtho Corporation (QuidelOrtho or the Company) and certain executives (collectively, Defendants).

The action asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder, on behalf of all investors who purchased or otherwise acquired QuidelOrtho common stock between February 17, 2022, and April 1, 2024, inclusive (the Class Period).

QuidelOrtho provides tests for the detection and diagnosis of various respiratory diseases and other medical conditions.  In December 2021, the Company announced that it had agreed to merge with Ortho Clinical Diagnostics Holdings plc (Ortho) through a transaction valued at approximately $6 billion, which closed in May 2022, shortly after the start of the Class Period.  During this time, Defendants assured investors that the Company was poised to maintain a high-margin revenue stream from its respiratory business despite the decrease in COVID-19 infections and touted the anticipated synergies between Quidel and Ortho.  Specifically, the molecular diagnostic platform Savanna was described as “the most important product introduction in our history” and projected to generate $75 million of the $100 million in projected synergies. Savanna was marketed as a low-cost, rapid Polymerase Chain Reaction (PCR) testing solution capable of detecting multiple respiratory pathogens in approximately 30 minutes.  However, confidential witness reports later revealed that Savanna suffered from invalid test rates of 10–30% against a 1–2% industry standard and up to 90% of manufactured assays scrapped, amidst internal jokes that Savanna was “QuidelOrtho’s ‘Theranos.’”  The truth began to come to light when, after close of market on February 13, 2024, QuidelOrtho reported disappointing earnings for fourth quarter and fiscal year 2023 and cut guidance for endemic COVID-related revenue, leading QuidelOrtho’s stock to fall 32% on February 14, 2024.  The stock declined another 10% after the Company withdrew its FDA submission on April 2, 2024.

On December 16, 2024, the court appointed Lead Plaintiffs Central States, Southeast and Southwest Areas Health and Welfare Fund, and Teamsters Local 710 Pension Fund (collectively the Teamsters Funds) and Lead Plaintiffs and Labaton Keller Sucharow as Lead Counsel in the action. Lead Plaintiffs filed an Amended Complaint on February 7, 2025, asserting that Defendants material misrepresentations about (1) Savanna and its flagship RVP4 test assay; and (2) the Company’s COVID-19 testing revenue guidance.  Defendants subsequently moved to dismiss the action.

On September 30, 2026, the Southern District of New York issued a ruling largely sustaining the action—granting the Motion to Dismiss in part and denying it in part based on dozens of statements made by corporate executives that allegedly served to hide from shareholders its waning sales after the height of the COVID-19 pandemic had ended.

The case is In re QuidelOrtho Corporation Securities Litigation, No. 1:24-cv-02804-MKV (S.D.N.Y.).  Labaton Keller Sucharow represents Lead Plaintiffs the Teamsters Funds.