Robbins LLP Is Investigating the Officers and Directors of Progenity, Inc. (PROG) on Behalf of Shareholders
Progenity conducted its IPO on June 6, 2020, selling approximately 6.7 million shares for $15.00 per share. On August 13, 2020, Progenity issued a press release announcing its second quarter 2020 results, revealing a wide miss on revenue compared to analysts’ estimates. The Company disclosed that “second-quarter revenues reflected a $10.3 million accrual for refunds to government payors,” related to a settlement with the U.S. Department of Justice and several states to resolve claims that Progenity had fraudulently billed federal healthcare programs for prenatal tests and provided kickbacks to physicians to induce them to order Progenity tests for their patients. On this news, Progenity shares fell almost 14%, to close at $7.71 per share on August 14, 2020.
