ADMA Biologics projected 20% ASCENIV revenue growth in 2025, but a short-seller report alleges the real figure was a 3% decline, with the gap driven entirely by an alleged channel stuffing scheme.

NEW YORK, July 23, 2026 /PRNewswire/ — SueWallSt highlights the contrast between ADMA Biologics, Inc.’s (NASDAQ: ADMA) public growth projections and the results alleged by independent research. A securities class action has been filed on behalf of investors who purchased ADMA securities between August 9, 2024 and March 25, 2026. Find out if you might qualify for recovery.You may also contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

ADMA reported ASCENIV net revenues of $362.5 million for 2025, reflecting approximately 20% year-over-year growth. According to Culper Research, absent an alleged channel stuffing scheme, ASCENIV revenues actually declined approximately 3%. The lead plaintiff deadline is August 10, 2026.

The Promise

ADMA told investors a compelling story throughout the Class Period. ASCENIV, the Company’s flagship immunoglobulin therapy, was presented as a premium specialty biologic commanding approximately $900 per gram. SEC filings showed ASCENIV revenues surging from $92.6 million in 2023 to $362.5 million in 2025. The Company certified that its disclosure controls and internal controls over financial reporting were effective at the reasonable assurance level. Revenue recognition policies stated that product revenue was recognized when the customer had control over the product and the performance obligation was satisfied.

The Reality

Culper Research’s March 24, 2026 report painted a starkly different picture. The action claims that payors treated ASCENIV as functionally identical to standard IVIGs available at a fraction of the price, imposing strict prior authorization requirements, step edits, and outright denials. Providers allegedly slowed their ordering. Distributors were reportedly left holding excess inventory. Yet ADMA’s reported revenue figures continued climbing.

The Numbers: Promised vs. Actual

• ASCENIV 2023 revenue: $92.6 million
• ASCENIV 2025 reported revenue: $362.5 million (reported +20% YoY growth)
• ASCENIV 2025 estimated real revenue change: approximately -3% YoY, per Culper Research
• ASCENIV pricing premium: approximately $900/gram (6-10x standard IVIGs)
• Related party purchases disclosed to investors: $0.1 million to $0.4 million from GenesisBPS
• Related party sales to Genesis BioPharma Services (operating from ADMA headquarters): not disclosed

What the Lawsuit Alleges About the Gap

The complaint contends ADMA shipped unwanted amounts of ASCENIV to distributors to create an appearance of heightened demand. This practice, known as channel stuffing, allegedly inflated reported revenues throughout the Class Period. The lawsuit further asserts that sales to Genesis BioPharma Services, an entity operating out of ADMA’s own corporate headquarters and appearing to be controlled by Vice Chairman Jerrold Grossman, were never disclosed as related party transactions in any SEC filing. Instead, filings disclosed only purchases from the similarly named GenesisBPS.

“Companies that make specific promises to investors about future performance have an obligation to disclose known risks to those projections. The gap between ADMA’s reported 20% ASCENIV growth and the estimated 3% decline alleged by independent research raises serious questions about the accuracy of the Company’s public statements.” — Joseph E. Levi, Esq.

LEAD PLAINTIFF DEADLINE: August 10, 2026

Submit your information now or contact Joseph E. Levi, Esq. at (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States. 

Frequently Asked Questions About the ADMA Lawsuit

Q: What specific misstatements does the ADMA lawsuit allege? A: The complaint alleges ADMA made materially false or misleading statements regarding ASCENIV revenue recognition, internal control effectiveness, and related party transactions during the Class Period. When the alleged channel stuffing scheme was exposed, the stock price declined sharply.

Q: When did ADMA allegedly mislead investors? A: The class period runs from August 9, 2024 to March 25, 2026. The alleged fraud was revealed through Culper Research’s report on March 24, 2026, which detailed channel stuffing allegations and an undisclosed related party distributor.

Q: What do ADMA investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Contact SueWallSt, a brand of Levi & Korsinsky LLP, for a no-cost, no-obligation case evaluation at jlevi@levikorsinsky.com or (212) 363-7500. No immediate action is required to remain eligible as an absent class member.

Q: What if I already sold my ADMA shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

Q: What if I missed the lead plaintiff deadline? A: The deadline applies only to investors seeking lead plaintiff appointment. Class members who miss it can still participate in any settlement or recovery.

CONTACT: 

Levi & Korsinsky, LLP 

Joseph E. Levi, Esq. 

33 Whitehall Street, 27th Floor 

New York, NY 10004 

jlevi@SueWallSt.com 

Tel: (888) SueWallSt 

Fax: (212) 363-7171 

Attorney Advertising. Prior results do not guarantee similar outcomes.         

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