SAN FRANCISCO, Sept. 26, 2022 (GLOBE NEWSWIRE) — Hagens Berman calls for Sema4 Holdings Corp. SMFR Investors who have suffered significant losses Submit your losses now.
Sema4 Holdings Corp. SMFR Class action lawsuit alleging securities fraud:
The lawsuit challenges the defendants’ statements regarding Sema4’s billing practices and reported earnings.
In particular, Defendants allegedly misrepresented and withheld: (1) there was a significant risk that Sema4 would reverse a substantial amount of previously reported revenue that it could not recover from third-party payers; (2) the company experienced decreasing selling prices for its reproductive health segment; and (3) as a result of the foregoing, Sema4’s financial results would be adversely affected.
The truth emerged on Aug. 15, 2022, when Sema4 reported disappointing financial results for the second quarter of 2022, including revenue of just $36 million, or 23% down from the same quarter last year. The company made up for the reversal of approximately $30 million in revenue for its dismal results, which is attributed to overpayments by a third-party payer prior to Q2 2022. The company also announced that its President and Chief R&D Officer (Eric Schadt) is stepping down and laying off approximately 13% of its workforce as part of a series of restructuring and corporate realignments.
This news caused the price of Sema4 shares to fall by 33% on August 16, 2022.
“We are focused on investor losses and evidence that Sema4 misled investors about its financial results,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.
If you have invested in Sema4 and are experiencing significant losses or have knowledge that may assist the firm’s investigations, Click here to discuss your legal rights with Hagens Berman.
Whistleblower: Those with nonpublic information about Sema4 should consider their options to assist in the investigation or use the SEC’s whistleblower program. Under the new program, whistleblowers who provide original information can earn rewards totaling…
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