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SMFR.US
id: 263
D. Connecticut
Court3:22-cv-01131
Case number03/14/2022
Class period Start08/15/2022
Class period EndOn 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
Motion to dismiss
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
07/14/2022
Filing date
09/07/2022
Judge
Janet Bond Arterton