LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Progenity, Inc. (“Progenity” or “the Company”) (NASDAQ: PROG) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Progenity conducted its initial public offering (“IPO”) on June 19, 2020, selling 6.8 million shares at $15.00 per share. The Company issued a press release announcing its second quarter 2020 financial results on August 13, 2020. In its release, the Company revealed a wide miss on revenue compared to analysts’ estimates. According to the Company, “second-quarter revenues reflected a $10.3 million accrual for refunds to government payors,” related to a DOJ and multistate settlement of billing fraud charges and allegations of kickbacks paid to doctors. Based on this news, shares of Progenity fell by nearly 14% on August 14, 2020.
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We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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