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id: 848, Created by Polina Foster, Scout
DermTech (DMTK) DMT Pricing Case
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- 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.
Failure to Disclose,
Shock Event Date
04 November 2022
16 October 2023
Lead Plaintiff Deadline
15 December 2023
Dana M Sabraw