Law firm Bleichmar Fonti & Auld LLP is investigating ADMA Biologics for potential federal securities law violations.
The probe examines whether the company misled investors by inflating its 2025 revenue figures.
Investigators are analyzing claims that ADMA artificially achieved its reported 20% revenue growth.
The alleged "channel stuffing" scheme aimed to hide weakening product demand.
Short-seller Culper Research published a report on March 24, 2026, prompting the investigation.
The report alleges ADMA's revenue would have declined by 3% in 2025 without channel stuffing.
Following the allegations, ADMA Biologics stock fell 29% over two trading days in late March 2026.
The stock price dropped from $13.59 to $9.63 per share.