Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Oct. 18, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises DermTech, Inc. (“DermTech” or the “Company”) (NASDAQ: DMTK) investors that a lawsuit filed on behalf of investors that purchased DermTech securities between May 3, 2022 through November 3, 2022, inclusive (the “Class Period”)
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
- On August 8, 2022, DermTech unveiled its financial results for the second quarter of 2022. These results disclosed that the company anticipated a reduced average selling price for its DermTech Melanoma Test due to changes in Medicare billing codes and less favorable collection patterns from commercial payors. As a consequence of this announcement, the price of DermTech shares tumbled by $2.87, representing a decrease of around 34.05%, with the stock closing at $5.56 on August 9, 2022.
- Subsequently, on November 3, 2022, DermTech disclosed its financial results for the third quarter of 2022, reporting that the billable sample volume growth had remained flat due to challenges stemming from limited commercial payer coverage. In light of these difficulties, DermTech projected assay revenue for the entire year 2022 to be at least $13 million, falling below the company's earlier guidance range. Following this revelation, the price of DermTech shares fell by $1.34, amounting to an approximate decrease of 44.77%, with the stock closing at $1.66 on November 4, 2022.
- The lawsuit alleges that, during the Class Period, the Defendants issued statements that were false or misleading and failed to disclose the following: (i) DermTech encountered problems with collecting payments from commercial payors; (ii) consequently, there was a decrease in the average selling price of DermTech's Melanoma Test; and (iii) due to these factors, the company's revenue growth would be negatively affected.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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