Here's a classic Wall Street drama: a stock gets hammered by a short seller's report, then the company fights back. That's exactly what's playing out with ADMA Biologics Inc. (ADMA).

The stock is up in Friday's premarket session, which is a bit of a relief rally. Since Wednesday, the shares had tumbled about 30%. The culprit? A report from a firm called Culper Research, released on Tuesday. Culper alleges that ADMA has been playing fast and loose with its financial results and operating metrics. For what it's worth—and this is always worth noting—Culper also disclosed that it holds a short position in ADMA. So, they have a financial incentive for the stock to go down.

ADMA isn't taking this lying down. The company pushed back hard on Friday, emphasizing its commitment to transparency and saying it follows all the SEC rules. The core of its defense? That the short seller's claims are based on, well, not great sources.

In a statement, the company refuted what it called "unsubstantiated, misleading, and inaccurate allegations." The response zeroes in on the demand for its product called ASCENIV, which is a treatment for immunocompromised patients. ADMA says the short seller fundamentally misunderstands its business. ASCENIV isn't a first-line therapy; it's used later in treatment. And contrary to the report's implications, demand for ASCENIV has been climbing steadily for two years and is now at record levels. The company also says the inventory levels its distributors hold are totally normal for the industry.

To really drive the point home, ADMA threw more data on the table. It provided details on its immune globulin product portfolio, including metrics like "inventory days on hand" and end-user demand figures. The company believes this data directly counters the misleading claims in the short report. It also took the chance to reiterate the safety info for ASCENIV and another product, BIVIGAM, underscoring its focus on patient safety.

For those keeping score at home, ASCENIV (immune globulin intravenous, human – slra 10% liquid) is a plasma-derived therapy. The FDA approved it back in April 2019 for treating primary humoral immunodeficiency in adults and adolescents.

So, where does this leave investors? For the moment, the market seems to be giving ADMA the benefit of the doubt. At the time of publication on Friday, ADMA Biologics shares were up 12.06% at $9.28, according to market data. It's a reminder that when a short seller attacks, the story isn't over until the company has its say.