•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Bleichmar Fonti & Auld LLP said it is investigating ADMA Biologics, Inc. (NASDAQ:ADMA) after the company’s stock fell sharply following allegations of channel stuffing, which the firm says could violate federal securities laws.
In a statement dated April 27, 2026, the securities law firm said it is investigating ADMA Biologics for potential violations of the federal securities laws. The firm encouraged investors who bought ADMA shares to seek additional information about the matter.
ADMA Biologics describes itself as an end-to-end commercial biopharmaceutical company focused on manufacturing and developing specialty biologics. Its flagship product is ASCENIV, a liquid immune globulin solution used to treat Primary Humoral Immunodeficiency in adults and adolescents.
The investigation centers on allegations that ADMA Biologics’ reported 20% revenue growth in 2025 was driven by a channel stuffing scheme intended to mask deteriorating demand.
On March 24, 2026, Culper Research published a report titled “ADMA Biologics Inc (ADMA): Channel Stuffing, an Undisclosed Related Party Distributor, and –3% Real Growth in 2025 vs. +20% Reported.” The report alleged that ADMA Biologics induced one of its distributors to “stock excess ASCENIV by offering rebates and extended payment terms in order to meet order expectations.”
Culper Research said the alleged activity allowed ADMA Biologics to book revenue and “report[] growth that was never there.” The report further alleged that, absent the channel stuffing scheme, ADMA Biologics would have experienced revenue declines of 3% in 2025 rather than the reported 20% growth.
After the Culper Research report was published, ADMA Biologics’ stock declined by $3.96 per share, or 29%, over two trading days. Shares fell from $13.59 on March 23, 2026, to $9.63 on March 25, 2026.
Bleichmar Fonti & Auld said investors may have legal options and encouraged them to submit information to the firm. The firm stated that representation would be on a contingency fee basis, with no cost to investors, and that shareholders are not responsible for court costs or expenses of litigation. It said any potential fees and expenses would be subject to court approval.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
