Evidence Corroborates Allegations of Multiple Former Executives

Calls on Assertio Board to Release Full Investigation Report and Supporting Materials

The Buxton Helmsley Group, Inc. (together with certain of its affiliates, “BHG” or “we”), a New York City-based investment fund manager that has 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 responded to the Company’s attempt to deny, in its November 11, 2024, press release, the evident product-related fraud at Spectrum Pharmaceuticals, Inc., now wholly-owned by Assertio.

“The statement from Assertio this morning is a blanket response that, tellingly, does not even bother to rebut BHG’s specific allegations—it does not even deny the ‘hush money’ offers to whistleblowers. Instead, the Company is attempting to ‘shoot the messenger’ instead of addressing its failure to properly investigate these matters. Assertio apparently wishes to continue its evident product-related fraud that, as a byproduct, also appears to be defrauding Assertio investors. In defense of the validity of BHG’s claims, we have released an initial set of evidence so that shareholders and regulators can judge for themselves where the truth lies,” said Alexander Parker, Senior Managing Director of BHG.

“For example, within the evidence set we have released, shareholders will see a memo from Spectrum’s former Executive Director of Clinical Operations to Spectrum’s former SVP of Clinical Development and former SVP of Clinical Science about a request to delete adverse event data from Spectrum’s database, which is fraudulent conduct. The pages from site audit reports reveal ‘Major’ discrepancies in clinical trial data and cite insufficient training for clinical trial staff. Although whistleblowers sent Assertio’s leadership those site audit reports in private e-mails, Assertio is still issuing statements that say Spectrum’s clinical trials were not ‘Major[ly]’ flawed across multiple products. The site audit reports tell the real story, and this is just one example of the full volume of material we will hand over to regulators.

“Given the misleading claims from Assertio to date, particularly the claim that the Company investigated the corroborating whistleblower allegations, we call on Mr. O’Grady and the rest of Assertio’s board of directors to release: (i) the full report of its investigation; (ii) documentation that it actually communicated with the whistleblowers; and (iii) documentation confirming it obtained materials from the whistleblowers. Shareholders will note that the investigation, if it ever occurred at all, never collected or reviewed the whistleblowers’ supporting evidence – the Company did not even communicate with the whistleblowers in writing. BHG believes this raises substantial questions about the validity of the investigation’s conclusions and the judgment of the board, which accepted the investigation report.

“If the Assertio board’s preferred path is to continue denying the fraud at Spectrum and the pathetically inadequate due diligence leading up to the Spectrum acquisition, we agree with Assertio that regulatory attention is warranted. For its part, BHG is already seeking to engage with the U.S. SEC about these matters, having filed a whistleblower complaint with the agency. The materials we are prepared to turn over include the evidence released to stockholders today, supplemented by vast additional material possessed by the Spectrum whistleblowers.

“The next step will be made by the Assertio board. If they wish to acknowledge reality and pivot to seek to cure the Company and the board’s related liability, we will applaud their decision to reverse course and accept responsibility for past mistakes. If they continue to deny the validity of our evidence-backed assertions, we will continue taking steps to cast light on their considerable evident malfeasance,” concluded Parker.

An initial set of the referenced evidence, which has been reviewed by legal counsel, may be found at: 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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