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LOS ANGELES, September 25, 2021--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz continues its investigation of Eargo, Inc. ("Eargo" or the "Company") (NASDAQ: EAR) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On September 22, 2021, after the market closed, Eargo revealed that "it is the target of a criminal investigation by the U.S. Department of Justice (the ‘DOJ’) related to insurance reimbursement claims the Company has submitted on behalf of customers covered by federal employee health plans." Moreover, the DOJ is the "principal contact related to the subject matter of the [ongoing] audit" of Eargo by an insurance company that is the Company’s largest third-party payor. As a result, Eargo withdrew its full year financial guidance.
On this news, the Company’s share price fell as much as 68% during intraday trading on September 23, 2021, thereby injuring investors.
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If you purchased Eargo securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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