The Law Offices of Frank R. Cruz Announces Investigation of Progenity, Inc. (PROG) on Behalf of Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Progenity, Inc. (“Progenity” or the “Company”) (NASDAQ: PROG) investors concerning the Company’s possible violations of federal securities laws.

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In June 2020, Progenity completed its initial public offering (“IPO”), in which it approximately 6.7 million shares for $15.00 per share.

On August 13, 2020, Progenity announced its second quarter 2020 results in a press release. Therein, the Company disclosed that “second-quarter revenues reflected a $10.3 million accrual for refunds to government payors,” related to a settlement with the U.S. Department of Justice and several states to resolve claims that Progenity had fraudulently billed federal healthcare programs for prenatal tests and provided kickbacks to physicians to induce them to order Progenity tests for their patients.

On this news, the Company’s share price fell $1.24, or 14%, to close at $7.71 per share on August 14, 2020.

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If you purchased Progenity securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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