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SMFR.US
id: 263
D. Connecticut
Court
On August 15, 2022, Sema4 disclosed that it had “reversed $30.1 million of revenue this quarter related to prior periods,” in connection with negotiations with “one of larger commercial payors regarding the potential recoupment of payments for Sema4 carrier screening services rendered from 2018 to early 2022.”
Furthermore, The Company also announced that it was eliminating 13% of its workforce as part of a series of restructuring and corporate realignments.
Finally, Sema4 announced changes to its leadership team, including that Schadt was stepping down from his roles as President and Chief R&D Officer.
On this news, Company’s stock plunged 33.3% on August 16, 2022, seriously damaging investors.
Taking all the disclosed facts and subsequent actions into account there is reason to suspect Sema4's leaders of misconduct, in particular in terms of information disclosure to investors.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Negligence
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
15 August 2022
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