SAN DIEGO, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed for certain investors in NASDAQ: PROG shares.
Investors, who purchased shares of Progenity, Inc. (NASDAQ: PROG), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779-1554.
On August 28, 2020, a lawsuit was filed against Progenity, Inc. over alleged Securities Laws Violations. The plaintiff alleges that the Registration Statement that was filed in connection with Progenity’s June 2020 initial public offering ("IPO") was negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make the necessary disclosures required under the rules and regulations governing its preparation.
Specifically, the plaintiff alleges that the Registration Statement failed to disclose, inter alia, the following adverse facts that existed at the time of the IPO, rendering numerous statements provided therein materially false and misleading, that Progenity had overbilled government payors by $10.3 million in 2019 and early 2020 and, thus, had materially overstated its revenues, earnings and cash flows from operations for the historical financial periods provided in the Registration Statement, that Progenity would need to refund this overpayment in the second quarter of 2020 (the same quarter in which the IPO was conducted), adversely impacting its quarterly results, and that Progenity was suffering from accelerating negative trends in the second quarter of 2020 with respect to the Company’s testing volumes, revenues and product pricing.
Those who purchased Progenity, Inc. (NASDAQ: PROG) shares should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.