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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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.
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