NEW YORK, June 27, 2022 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of CareDx, Inc. ("CareDx" or the "Company") (NASDAQ: CDNA). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether CareDx and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 28, 2021, CareDx filed its quarterly report for the third quarter of 2021 on Form 10-Q with the U.S. Securities and Exchange Commission ("SEC"). In the quarterly report, CareDx revealed for the first time that CareDx was the subject of at least three government investigations, reporting that: (1) the Company had "recently received" a civil investigative demand ("CID") from the U.S. Department of Justice ("DOJ") requesting the Company produce documents in connection with a DOJ False Claims Act investigation; (2) the Company received a subpoena from the SEC in relation to an investigation by the SEC "in respect to matters similar to those identified in the CID, as well as certain of our accounting and public reporting practices"; and (3) the Company received an information request from an unnamed state regulatory agency. On this news, CareDx's stock price fell $19.34 per share, or more than 27%, to close at $51.00 per share on October 29, 2021.
Then, on April 15, 2022, CareDx's former Head of Community Nephrology, Dr. Michael Olymbios, filed a complaint in California Superior Court that provided extensive detail about misconduct by the Company and its top officers, including improper bundling of expensive testing services. Following the filing of the complaint, CareDx's stock price fell $2.86 per share, or roughly 8%, to close at $32.55 per share on April 18, 2022.
Finally, on May 5, 2022, CareDx announced the Company's results for the first quarter of 2022. Among other items, CareDx reported testing service revenue that fell well short of analysts' expectations and yet another decline in average sales prices for its testing services in which the Company's average price declined by approximately 4.9% versus the last quarter of 2021, or what one analyst described as "another big deterioration in price." On this news, CareDx's stock price fell $5.97 per share, or 18.5%, to close at $25.87 per share on May 6, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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