LOS ANGELES, CA / ACCESSWIRE / October 8, 2020 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class-action lawsuit against Progenity, Inc. ("Progenity" or "the Company") (NASDAQ:PROG) for violations of the federal securities laws.
Investors who purchased the Company's shares pursuant to and/or traceable to the Company's June 2020 initial public offering ("IPO") are encouraged to contact the firm before October 27, 2020.
If you are a shareholder who suffered a loss, click here to participate.
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 [email protected].
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.
According to the Complaint, the Company made false and misleading statements to the market. Progenity overbilled government payors by more than $10 million in the months leading up to its IPO, resulting in the Company materially overstating its revenue, earnings, and other financial metrics in its Registration Statement. The Company was forced to refund the overpayments in the second quarter of 2020, the same quarter as its IPO occurred. The Company continued to suffer from accelerating negative trends in the second quarter with respect to revenue and product pricing. Based on these facts, the Company's public statements were false and materially misleading throughout the IPO period. When the market learned the truth about Progenity, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE: The Schall Law Firm