ADMA Biologics (NASDAQ:ADMA), a U.S.-based commercial biopharmaceutical company specializing in the manufacture and marketing of specialty biologics, issued a formal statement on Wednesday addressing a critical report published on March 24, 2026, by Culper Research.
The company described the document, referred to as the "Short Report," as a compilation of speculative assertions and misleading statements.
The report was issued by a firm that disclosed a short position in ADMA’s stock, a practice the company noted is consistent with Culper’s history of publishing negative research after taking positions designed to profit from a decline in share price.
In its rebuttal, ADMA’s Board of Directors emphasized its commitment to transparency, stating that all operating and financial results are reported in strict accordance with U.S. Securities and Exchange Commission (SEC) regulations and U.S. GAAP standards.
Management characterized the Short Report as being premised on "unidentified and unreliable sources," further alleging that it contains numerous false and inaccurate claims regarding the company's business model and financial health.
ADMA, which operates as an end-to-end producer of plasma-derived biologics, maintained that its public disclosures accurately reflect its commercial progress and operational standing.
Despite dismissing the report as conjecture, ADMA confirmed it is taking appropriate internal steps to review the specific assertions made by the short seller.