ADMA Biologics Faces Securities Fraud Lawsuit Over Channel Stuffing Claims

The complaint, filed in the U.S. District Court for the District of New Jersey under the caption Mazzarino v. ADMA Biologics, Inc., et al., asserts violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Plaintiffs allege that ADMA misled shareholders by reporting 20% growth for 2025, a figure purportedly achieved by incentivizing distributors to stockpile its flagship immune globulin product, ASCENIV, through rebates and extended payment terms rather than organic market demand.

The allegations stem from a March 2026 report by Culper Research, which claimed that without the alleged practice, the company would have faced a 3% decline in revenue. The disclosure prompted a rapid sell-off, with ADMA shares falling 16.6% on March 24, 2026, followed by a 15% drop the next day. Subsequent rating downgrades from financial analysts further pressured the stock, which lost significant value throughout late March.

Bleichmar Fonti & Auld LLP, representing the class, has set an August 10, 2026, deadline for investors to petition the court for lead plaintiff status. The firm is litigating the case on a contingency basis, seeking to recover losses sustained by shareholders during the period of the alleged misconduct.