SEMA4 HOLDINGS CORP. (NASDAQ:SMFR) SHAREHOLDER CLASS ACTION ALERT: Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion in a Securities Class Action Lawsuit Against Sema4 Corp. (NASDAQ:SMFR)
Did you lose money on investments in Sema4 Holdings? If so, please visit Sema4 Holdings Corp. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected] to discuss your rights.
NEW YORK, NY / ACCESSWIRE / September 20, 2022 / Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Sema4 Holdings Corp. ("Sema4" or the "Company") (NASDAQ:SMFR) between March 14, 2022 and August 15, 2022, inclusive (the "Class Period"). The lawsuit was filed in the United States District Court for the District of Connecticut and alleges violations of the Securities Exchange Act of 1934.
Sema4 is a health company that uses artificial intelligence to enable personalized medicine. The Company's platform leverages longitudinal patient data, AI-driven predictive modeling, and genomics in combination with other data to deliver better outcomes for patients. Sema4 derives the majority of its revenue from Women's Health and Oncology diagnostic solutions. Specifically, Women's Health solutions include carrier screening, non-invasive prenatal testing, and newborn screening, while Oncology solutions include hereditary cancer testing, molecular profiling, and genomic data collection.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose: (1) that there was a significant risk that Sema4 would reverse a material amount of previously recognized revenue that it could not recoup from third party payors; (2) that the Company was experiencing declining selling prices for its reproductive health segment; and (3) that, as a result of the foregoing, Sema4's financial results would be adversely affected.
On August 15, 2022, after the market closed, Sema4 announced changes to its research and development leadership team, including that Defendant Eric Schadt was stepping down from his roles as President and Chief R&D Officer. The Company also disclosed that it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments. During a conference call, Sema4 revealed that it had "reversed $30.1 million of revenue this quarter related to prior periods" in connection with negotiations with "one of [Sema4's] larger commercial payors regarding the potential recoupment of payments for Sema4 carrier screening services rendered from 2018 to early 2022."
On this news, Sema4's stock fell $0.80, or 33.3%, to close at $1.60 per share on August 16, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than November 7, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Sema4 securities, and/or would like to discuss your legal rights and options please visit Sema4 Holdings Corp. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE: Bernstein Liebhard LLP