ADMA Biologics is the subject of an investigation announced by the Shareholders Foundation, Inc. on behalf of long-term investors. The probe centers on potential breaches of fiduciary duties by certain directors and officers of the biopharmaceutical company. The investigation follows a lawsuit filed against ADMA Biologics concerning allegations of false and misleading statements.
The allegations stem from a critical short-seller report issued by Culper Research on March 24, 2026. The report claimed ADMA's reported growth was a "fiction" driven by a "channel stuffing scheme and an undisclosed related party distributor." Following the report and a subsequent analyst downgrade, shares of ADMA Biologics experienced a significant decline, falling from over $25 in April to below $8 by early June 2026.