Law firm probes short-seller claims at ADMA Biologics; shares up

Shares of biotech firm ADMA Biologics ADMA.O rise 2% to $9.40 premarket

Securities law firm Bleichmar Fonti & Auld says it is investigating the drugmaker for potential securities law violations

Probe follows a March 24 report by short-seller Culper Research alleging the company used channel stuffing to inflate 2025 revenue

Culper alleged ADMA encouraged distributors to stock excess Asceniv, an immune therapy for a rare immune system disorder, by offering rebates and extended payment terms

Short-seller estimated ADMA’s revenue would have fallen 3% in 2025 without the alleged practice, versus the company’s reported 20% growth

ADMA shares rose more than 6% in 2025