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Shares of Adma Biologics Inc. (ADMA) dropped 6% on Tuesday after Culper Research said it has taken a short position in the company.
Culper alleged in a report that Adma’s reported growth is a “fiction driven more than entirely by a de facto channel stuffing scheme and an undisclosed related party distributor."
Absent channel stuffing, Culper estimates Adma's revenues declined 3% in 2025 as compared to the 20% growth reported.
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