The lawsuit, Mazzarino v. ADMA Biologics, Inc., alleges that top executives violated the Securities Exchange Act of 1934 by concealing related-party transactions and employing channel stuffing to artificially inflate revenue figures. Plaintiffs claim these internal control failures misled the market regarding the company's true growth trajectory.

Market volatility intensified on March 24, 2026, following a report by Culper Research, which characterized ADMA’s reported growth as a fiction. The report suggested that without extended payment terms used to boost revenue, the company would have suffered a 3% decline in 2025. ADMA stock dropped over 16% on the news. The following day, the company dismissed the allegations as speculative and inaccurate, but investor confidence plummeted further after Cantor Fitzgerald downgraded the stock to Neutral. Shares fell an additional 13% as investors signaled dissatisfaction with the company's defensive response.

Under the Private Securities Litigation Reform Act of 1995, the court will appoint a lead plaintiff based on the greatest financial interest in the outcome. Law firm Robbins Geller Rudman & Dowd LLP is representing the class, inviting affected shareholders to contact attorneys Ken Dolitsky or Michael Albert regarding the filing.