Press release
NASDAQ: CDNA Investor Notice: Lawsuit alleges Misleading Statements by CareDx, Inc
An investor, who purchased shares of CareDx, Inc (NASDAQ: CDNA), filed a lawsuit over alleged violations of Federal Securities Laws by CareDx, Inc.
Investors who purchased shares of CareDx, Inc (NASDAQ: CDNA) have certain options and for certain investors are short and strict deadlines running. Deadline: July 22, 2022. NASDAQ: CDNA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Francisco, CA based CareDx, Inc. discovers, develops, and commercializes diagnostic solutions for transplant patients and caregivers worldwide. Testing services for kidney and heart transplant recipients represented at least 85% of CareDx, Inc's total revenues, and the Company's AlloSure blood test for transplant recipients was the Company's primary source of revenue.
Additionally, the higher reimbursement payment rates for its Medicare-approved tests drove growth of the Company's average sale price ("ASP"), an important metric for investors.
Between February 24, 2021 and May 5, 2022, CareDx, Inc reported growing revenue and strong demand in the Company's testing services segment. CareDx, Inc also emphasized to investors the success of the Company's RemoTraC service - a remote, home-based, blood-drawing service that the Company launched in response to the COVID-19 pandemic.
Then on October 28, 2021, CareDx, Inc filed its quarterly report for the third quarter of 2021 on Form 10-Q with the SEC. Under the heading "United States Department of Justice and United States Securities and Exchange Commission Investigation," the Company revealed for the first time that CareDx was the subject of at least three government investigations related to its "accounting and public reporting practices."
On April 15, 2022, CareDx's former Head of Community Nephrology, Dr. Michael Olymbios, filed a complaint in California Superior Court.
Then on May 5, 2022, CareDx reported its financial results for the first quarter of 2022, reporting a near 5% decline in the ASP of the Company's testing services.
Shares of CareDx, Inc (NASDAQ: CDNA) declined from $96.88 per share on June 29, 2021, to as low as $21.25 per share on May 12, 2022.
The plaintiff claims that between February 24, 2021 and May 5, 2022, the Defendants misled investors and/or failed to disclose that Defendants had engaged in a variety of improper and illegal schemes to inflate testing services revenue and demand, including pushing a surveillance protocol through inaccurate marketing materials, offering extravagant inducements or kickbacks to physicians and other providers, and improperly bundling expensive testing services with other blood tests as part of the RemoTraC service, that these practices, and others, subjected CareDx to an undisclosed risk of regulatory scrutiny, that these practices rendered the Company's testing services revenue reported between February 24, 2021 and May 5, 2022 artificially inflated, and that as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of CareDx, Inc (NASDAQ: CDNA) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Investors who purchased shares of CareDx, Inc (NASDAQ: CDNA) have certain options and for certain investors are short and strict deadlines running. Deadline: July 22, 2022. NASDAQ: CDNA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
San Francisco, CA based CareDx, Inc. discovers, develops, and commercializes diagnostic solutions for transplant patients and caregivers worldwide. Testing services for kidney and heart transplant recipients represented at least 85% of CareDx, Inc's total revenues, and the Company's AlloSure blood test for transplant recipients was the Company's primary source of revenue.
Additionally, the higher reimbursement payment rates for its Medicare-approved tests drove growth of the Company's average sale price ("ASP"), an important metric for investors.
Between February 24, 2021 and May 5, 2022, CareDx, Inc reported growing revenue and strong demand in the Company's testing services segment. CareDx, Inc also emphasized to investors the success of the Company's RemoTraC service - a remote, home-based, blood-drawing service that the Company launched in response to the COVID-19 pandemic.
Then on October 28, 2021, CareDx, Inc filed its quarterly report for the third quarter of 2021 on Form 10-Q with the SEC. Under the heading "United States Department of Justice and United States Securities and Exchange Commission Investigation," the Company revealed for the first time that CareDx was the subject of at least three government investigations related to its "accounting and public reporting practices."
On April 15, 2022, CareDx's former Head of Community Nephrology, Dr. Michael Olymbios, filed a complaint in California Superior Court.
Then on May 5, 2022, CareDx reported its financial results for the first quarter of 2022, reporting a near 5% decline in the ASP of the Company's testing services.
Shares of CareDx, Inc (NASDAQ: CDNA) declined from $96.88 per share on June 29, 2021, to as low as $21.25 per share on May 12, 2022.
The plaintiff claims that between February 24, 2021 and May 5, 2022, the Defendants misled investors and/or failed to disclose that Defendants had engaged in a variety of improper and illegal schemes to inflate testing services revenue and demand, including pushing a surveillance protocol through inaccurate marketing materials, offering extravagant inducements or kickbacks to physicians and other providers, and improperly bundling expensive testing services with other blood tests as part of the RemoTraC service, that these practices, and others, subjected CareDx to an undisclosed risk of regulatory scrutiny, that these practices rendered the Company's testing services revenue reported between February 24, 2021 and May 5, 2022 artificially inflated, and that as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of CareDx, Inc (NASDAQ: CDNA) have certain options and should contact the Shareholders Foundation.
Contact:
Christopher Clausen
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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