LEAD PLAINTIFF DEADLINE IS FEBRUARY 6, 2023
NEW YORK, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has filed in the United States District Court for the Southern District of New York against NeoGenomics Inc. (NASDAQ: NEO) (“NeoGenomics Inc.”) and certain of its officers and directors on behalf of investors who purchased NeoGenomics securities from February 27, 2020 through April 26, 2022, inclusive.
All investors who purchased the shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than February 6, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
PLEASE CLICK HERE TO JOIN THE CASE
According to the lawsuit, during the class period, Defendants made false and misleading statements or failed to disclose the following:
- Defendants represented to investors that it had a “comprehensive menu” of cancer tests with “every kind of testing modality that you can use for cancer, including some of the fast-growing new ones, like next-generation sequencing,” which positioned the Company as a “one-stop-shop” for pathologists and gave NeoGenomics “a competitive advantage” as a “go-to reference lab with a comprehensive menu for just about any kind of tests that you want to have done in cancer.”
- Defendants represented that NeoGenomics could “leverage” the supposedly “fixed cost” structure of its business to improve profitability as revenue increased and touted the Company’s “robust Compliance Program . . . to ensure compliance with the myriad of . . . laws, regulations and governmental guidance applicable to our business.”
On November 4, 2021, NeoGenomics revealed that it was, “conducting an internal investigation with the assistance of outside counsel that focuses on the compliance of certain consulting and service agreements with federal healthcare laws and regulations” including “those relating to fraud, waste and abuse,” and had “accrued a reserve of $10.5 million for potential damage and liabilities associated with the federal healthcare program revenue received spanning multiple years.”
Next, on March 28, 2022, NeoGenomics disclosed the departure of its CEO “effective immediately” and simultaneously reduced its financial guidance largely due to “higher than anticipated” costs.
Finally, on April 27, 2022, NeoGenomics revealed that “higher payroll and payroll related costs” drove decreased profit and increased operating expenses, and admitted that its portfolio of cancer tests “is weighted to legacy” tests “while the market is moving towards larger, more comprehensive panels.” The Company further admitted that it had “not kept up” with competitors that were offering more in-demand technologically advanced cancer tests.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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