We are investigating Portola Pharmaceuticals Inc. (PTLA) (“Portola” or the “Company”) for potential violations of the federal securities laws.
On January 9, 2020, Portola announced preliminary net revenues of only $28 million for the fourth quarter of 2019. Portola attributed the result to a $5 million reserve adjustment for short-dated product, and flat quarter-over-quarter demand. On this news, Portola’s stock price fell $9.98 per share, or 40.34%, to close at $14.76 per share on January 10, 2020.