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 Progyny, Inc. (“Progyny” or “the Company”) (NASDAQ: PGNY) 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. Progyny is the subject of a report issued by Jehoshaphat Research on December 7, 2022. The report, titled: “A Love Child of Accounting Games & Credit Risk,” claims that the Company “is deceiving the investor community via its financial reporting practices.” The report alleges that the Company “is actually unprofitable but masks this problem with accounting games.” The report says that the Company “apparently decided to recently stop accruing allowances for customer cancellations, which . . . may have added up to another ~400bps to both revenues and gross profit margins,” adding that “credit losses” reported by the Company “are more like reversals of inflated revenues.” Based on this report, shares of Progyny fell over the next several trading sessions.
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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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