Buxton Helmsley Calls for Senate Hearing on Well-Documented Evident Clinical Data Fraud at Assertio

By: The Buxton Helmsley Group, Inc. via Business Wire

November 15, 2024 at 09:00 AM EST

Requests that Senate Committee on Health, Education, Labor & Pensions Investigate Evident Falsification of Data Submitted to FDA and Potential Harm to Cancer Patients

Abrupt Resignations by Assertio Board Members Announced One Business Day After BHG’s Letter to Shareholders Regarding Evident Clinical Data Fraud Related to Cancer Treatment Rolvedon

The Buxton Helmsley Group, Inc. (together with certain of its affiliates, “BHG” or “we”), a New York City-based investment fund manager that recently inverted its long equity position into that of a short interest in the publicly traded securities of Assertio Holdings, Inc. (“Assertio” or the “Company”) (NASDAQ: ASRT), today called upon the Senate Committee on Health, Education, Labor & Pensions (the “Committee”) to investigate the evident product-related fraud at Spectrum Pharmaceuticals, Inc., now wholly-owned by Assertio.

The hearing request follows the resignation of Assertio’s Chairman and its M.D. oncologist board member, effective November 7, 2024. However, the announcement of those board-level resignations was made just one business day after BHG’s release of an approximately 20-page exposé, citing multiple former executives-turned-whistleblowers who possess extensive non-public evidence as to the clinical data fraud (those whistleblowers also possessing the real, untampered clinical data). BHG, as previously stated, engaged an outside law firm to independently review the extensive non-public evidence corroborating the allegations of the whistleblowers.

“In Assertio’s November 11, 2024 earnings call, Assertio CEO Brendan O’Grady claimed that their supposed ‘thorough investigation’ of the Rolvedon matter means there is no need to address the evident Rolvedon-related fraud, specifically stating ‘today will be my last comments on this matter.’ Notably, Assertio has never engaged in writing with the former whistleblowers (other than a non-substantive effective autoreply) and never collected, nor reviewed the extensive evidence—including the actual, untampered clinical data—they possess. Further, despite the evident fraud, Assertio’s auditor, Grant Thornton, has thus far opted to continue to back the Company, despite clear violations of Principles 1 and 2 of the COSO Framework,” said Alexander Parker, Senior Managing Director of BHG.

“Since Assertio has shown through its actions that it hopes the corroborating fraud allegations will simply fade away if the board just ignores them, BHG believes that public safety and patient health requires that the Committee hold a hearing and permit the whistleblowers to share their evidence. Patients, shareholders, and other stakeholders need answers, and federal agencies, including the U.S. HHS, FDA and SEC must address and counteract the threat to the public from the Assertio board’s ignorance and evident fraud, particularly with regard to clinical data integrity and the digital FDA submission process,” concluded Parker.

The full text of the letter is published on BHG’s website and can be viewed here: https://www.buxtonhelmsley.com/asrt/

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About Buxton Helmsley

The Buxton Helmsley Group, Inc. (“BHG”) is a New York City-based investment advisory firm and fund manager, engaging both active and passive investment strategies across a range of asset classes, with a general focus on opportunities in North America and Europe. The investment approach is based on deep fundamental analysis and risk management, with a focus on ensuring disclosure obligations are being upheld under applicable accounting standards and securities laws.

Disclosure: BHG holds a short position in the securities of ASSERTIO HOLDINGS, INC. (NASDAQ: ASRT)

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