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DMTK.US
id: 848
DermTech (DMTK) DMT Pricing Case
S.D. California
Court3:23-cv-01885
Case number03 May 2022
Class period Start03 Nov 2022
Class period End15 Dec 2023
Lead Plaintiff motion deadline- In August 2022, DermTech reported lower selling prices for their Melanoma Test in Q2 2022, which led to a 34% stock price drop.
- Then, in November 2022, DermTech lowered revenue expectations, leading to a 44% $DMTK fall the next day.
On August 8, 2022, DermTech reported its Q2 2022 financial results and mentioned that the company expected a decrease in the average selling price for their Melanoma Test (DMT).
This news led to a 34% $DMTK drop on August 9, 2022.
Later, on November 3, 2022, DermTech shared their Q3 2022 financial results, stating that they faced challenges with slow growth due to limited commercial payer coverage and issues in collecting payments.
This also caused $DMTK fall by 44.7% and $45M loss of market capitalization, damaging shareholders.
Given all the information, investors have reasons to suspect that DermTech didn't disclose issues with Melanoma Test sales and the company's financial condition.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
04 November 2022
Filing date
16 October 2023
Lead Plaintiff Deadline
15 December 2023
Judge
Dana M Sabraw