BOSTON, Sept. 15, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that securities class actions have been filed against Progenity, Inc. (NASDAQ: PROG) and Coty Inc. (NYSE: COTY). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.

PROG Shareholders – Click Here: https://www.blockleviton.com/cases/prog

COTY Shareholders – Click Here: https://www.blockleviton.com/cases/coty

Progenity, Inc. (NASDAQ: PROG) – Lead Plaintiff Deadline of October 27, 2020

Since Progenity’s June 22, 2020 initial public offering (“IPO”), the Company’s stock price has plummeted, closing as low as $7.71 per share on August 14, 2020, representing a decline of nearly 50% from the $15 per share IPO price. The lawsuit was filed in the U.S. District Court for the Southern District of California, and alleges that the IPO materials were negligently prepared, and as a result, contained untrue statements of material fact and omitted material facts necessary to make the statements therein not misleading. Among other things, the suit alleges that the IPO materials failed to disclose that Progenity had overbilled government payors by $10.3 million in 2019 and 2020 and had therefore overstated its revenues, earnings, and cash flows from operations 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.

Coty Inc. (NYSE: COTY) – Lead Plaintiff Deadline of November 3, 2020

Over the last several years, Coty, an international beauty company, has engaged in multiple mergers and acquisitions. In October 2016, Coty announced a merger with The Proctor & Gamble Company’s specialty beauty business for $12.5 billion. Yet by July 2019, Coty announced the write down of about $3 billion in value of brands acquired from Proctor & Gamble as part of a four-year restructuring plan. On this news, Coty’s stock price fell approximately 14%. Then on November 18, 2019, Coty announced that it was acquiring a 51% majority stake in Kylie Jenner’s Kylie Cosmetics line for another $600 million. However, on May 29, 2020, Forbes reported that Ms. Jenner “has been inflating the size and success of her business. For years.” On this news, Coty’s price approximately 13%. The class period for the lawsuit, which was filed in the U.S. District Court for the Southern District of New York, runs from October 3, 2016 to May 28, 2020.

If you purchased or acquired shares of PROG or COTY and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or via the links provided above.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.

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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com