LOS ANGELES–(BUSINESS WIRE) – Frank R. Cruz law firm is announcing an investigation on behalf of Progenity, Inc. ("Progenity" or "Company") (NASDAQ: PROG) investors into possible violations of the Company's federal securities law.
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In June 2020, Progenity completed its initial public offering ("IPO"), selling approximately 6.7 million shares for $ 15.00 per share.
On August 13, 2020, Progenity announced the results for the second quarter of 2020 in a press release. In it, the company announced that "second quarter revenues reflected a provision of $ 10.3 million for government reimbursements," related to an agreement reached with the US Department of Justice and several states to address the allegations to clarify that Progenity had fraudulently billed federal health programs for prenatal testing and setbacks for doctors to get them to order progeny tests for their patients.
In that news, the company's share price fell $ 1.24, or 14%, to close at $ 7.71 per share on August 14, 2020.
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If you have purchased Progenity securities, have information or would like to learn more about these claims, or have any questions about this announcement or your rights or interests in relation to these matters, please contact Frank R. Cruz of the Frank R. Law Firms. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067, 310-914-5007, by email at email@example.com or visit our website at www.frankcruzlaw.com. When inquiring by email, please include your mailing address, telephone number and number of shares purchased.
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