LOS ANGELES–(BUSINESS WIRE) – Schall law firm, a national shareholder law firm, has announced that it has filed a class action lawsuit against Progenity, Inc. ("Progenity" or "the Company") (NASDAQ: PROG) for violations of the Federal Securities Act.
Investors who have purchased and / or are traceable in the Company's stock in the Company's IPO in June 2020 ("IPO") are encouraged to contact the Company prior to October 27, 2020.
If you are a shareholder who has suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335 to discuss your rights at no charge. You can also contact us on the company's website at www.schallfirm.com or by email at email@example.com.
In this case, the class has not yet been certified and you will not be represented by a lawyer until certification. If you don't take action, you can remain an absent class member.
According to the complaint, the company made false and misleading statements to the market. The descendants overwhelmed state payers by more than $ 10 million in the months leading up to the IPO, which resulted in the company significantly overestimating its sales, earnings and other financial metrics in its registration statement. The company was forced to refund the overpayments in the second quarter of 2020, the same quarter as the IPO. The company continued to suffer as negative trends in sales and product prices accelerated in the second quarter. Because of these facts, the company's public statements were false and materially misleading throughout the IPO. When the market learned the truth about offspring, investors suffered damage.
Join the case to make up for your losses.
Schall law firm represents investors around the world and specializes in class action and shareholder disputes.
This press release may be viewed as a solicitor advertisement in some jurisdictions under applicable laws and ethical rules.