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SAN DIEGO, July 31, 2021 (GLOBE NEWSWIRE) -- Johnson Fistel, LLP is investigating potential claims on behalf of Progenity, Inc. (NASDAQ: PROG) against certain current and former officers and directors.
In June 2020, Progenity completed its initial public offering (the "IPO"), in which it issued approximately 6.7 million shares for $15.00 per share.
Several months after the IPO, a class action lawsuit was filed in federal court against the Company. The complaint filed alleges that Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Progenity had overbilled government payors by $10.3 million in 2019 and early 2020 and, thus, had materially overstated its revenues, earnings, and cash flow from operations for the historical financial periods provided in the Registration Statement; (2) that Progenity would need to refund this overpayment in the second quarter of 2020 (the same quarter in which the IPO was conducted), adversely impacting its quarterly results; and (3) 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.
If you have continuously held shares in Progenity long-term, you may have standing to hold Progenity harmless from the alleged harm caused by the Company's officers and directors by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing. [click here to join this action]. There is no cost or obligation to you.
If you are interested in learning more about your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
If you have continuously held shares in Progenity long-term, you can [click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471