WILMINGTON, Del., Feb. 19, 2016 (GLOBE NEWSWIRE) -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Natera, Inc. (NASDAQ:NTRA)?
- Did you purchase your shares in connection with the July 2, 2015 initial public offering?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the Superior Court of the State of California, County of San Mateo, on behalf of all persons or entities that purchased the common stock of Natera, Inc. (“Natera” or the “Company”) (NASDAQ:NTRA) in connection with the Company’s July 2, 2015 initial public offering (“IPO”), alleging violations of the Securities Exchange Act of 1933 against the Company, the sponsors of the IPO, and certain of the Company’s officers (the “Complaint”).
If you purchased shares of Natera in connection with its IPO, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://rigrodskylong.com/investigations/natera-inc-ntra.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, the offering materials falsely and misleadingly represented the state of Natera's business, including that Natera had experienced a nearly $20 million net loss in the Company's second quarter 2015 (“2Q15”) — which had ended before the IPO and which loss exceeded any other quarterly loss the Company had suffered by as much as 3700% since at least 2Q13 when Panorama was released. In addition, Natera had experienced a 2Q15 revenue decline, which was also the second quarter in a row of declining revenue — contrary to the state of Natera's business depicted in the Registration Statement. Further, tests accessioned of Panorama, the Company’s primary product, in which revenue was recognized had already flat-lined at 28,000+ tests, and the percent of Panorama tests accessioned in which revenue was recognized in the same quarter had dramatically declined to a mere 47%, far below the percentage in prior quarters, indicating bleak prospects for the Company's principal product — far from what was portrayed in the Registration Statement and roadshow for the Offering.
Since the IPO, the price of Natera’s stock has dropped more than 50%, closing as low as $6.61 per share on February 8, 2016.
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