ADMA Biologics Faces Class Action Lawsuit Over Revenue Allegations

The legal action, Mazzarino v. ADMA Biologics, Inc., follows a March 2026 report from Culper Research that accused the company of channel stuffing and undisclosed related-party transactions. The report alleged that ADMA induced a major distributor to stockpile its ASCENIV product through rebates and extended payment terms to artificially inflate revenue figures. Following the publication, ADMA Biologics stock dropped 29.1% over two days, closing at $9.63 per share on March 25, 2026.

The complaint asserts that the company’s public statements regarding its business and growth were materially misleading due to these undisclosed practices and inadequate internal controls. Investors seeking to serve as lead plaintiff in the litigation have until August 10, 2026, to file their applications with the court. Serving as a lead plaintiff allows investors to represent the class and direct the litigation process, though individual recovery remains available to all class members regardless of whether they take on a leadership role.