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NEO.US

Daniel Goldenberg, et al. v. NeoGenomics Case

S.D. New York
Court
On April 27, 2022, NeoGenomics (NEO) disclosed & admitted material negative facts:
  • “higher payroll and payroll related costs” which drove decreased profit and increased operating expenses,
  • its portfolio of cancer tests “is weighted to legacy” tests “while the market is moving towards larger, more comprehensive panels.”
  • it had “not kept up” with competitors that were offering more in-demand technologically advanced cancer tests.
Earlier, on March 28, 2022, NeoGenomics disclosed the departure of its CEO and simultaneously reduced its financial guidance largely due to “higher than anticipated” costs.

Going back on November 4, 2021, NeoGenomics revealed that it was, “conducting an internal investigation 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.”

These appeared facts and disclosures caused the value of NeoGenomics stock to decline dramatically, resulting in significant harm to investors.

Taking all representations and appeared facts into account, Investors have reasons to suspect the Company and its Leaders violated the rights of shareholders, damaging the value of their holdings.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Investment Bank
Service Provider
Research Entity
Security Type
Stocks
Trade Direction
Long
Shock Event Date
26 April 2022
Filing date
06 December 2022
Judge
Hon. Paul A. Engelmayer
Collecting participants…
Created by Stan Vick, Scout

NeoGenomics Inc

NeoGenomics, Inc. operates a network of cancer-focused testing laboratories in the United States, Europe, and Asia. It operates through, Clinical Services and Pharma Services segments. The company ...

    Ticker
    NEO.US
    ISIN
    US64049M2098
    CIK
    1077183
    Sector
    Healthcare
    Industry
    Diagnostics & Research
    Country
    USA
    Address
    9490 NeoGenomics Way, Fort Myers, FL, United States, 33912