The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of California on behalf of investors who purchased Progenity, Inc. (NASDAQ: PROG) securities between June 19, 2020 and January 1, 3000.
According to the Progenity lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) 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 flows from operations for the historical financial periods provided in the registration statement; (ii) that Progenity would need to refund this overpayment in the second quarter of 2020 (the same quarter in which the initial public offering was conducted), adversely impacting its quarterly results; and (iii) 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 suffered a loss in Progenity you have until October 27, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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