NEW YORK, Sept. 30, 2022 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP announces that in the U.S. District Court for the District of Connecticut on behalf of those holding Sema4 Holdings Corp. purchased a class action lawsuit has been filed. (“Sema4” or the “Company”) (NASDAQ: SMFR; SMFRW) Securities between March 14, 2022 and August 15, 2022 (the “Collection Period”). Investors have until November 7, 2022 to apply to the court to be appointed as lead plaintiff in the lawsuit.
Sema4 is a healthcare company that uses artificial intelligence to enable personalized medicine.
On August 15, 2022, after the market closed, Sema4 announced changes to its R&D leadership team, including the resignation of defendant Schadt from his roles as President and Chief R&D Officer. The company also announced that it will be shedding approximately 13% of its workforce as part of a series of corporate reorganizations and realignments. During the related conference call, Sema4 announced that this quarter, related to negotiations with “one of [Sema4’s] major commercial payers regarding the potential repayment of payments for Sema4 carrier screening services rendered from 2018 through early 2022.” On this news, Sema4’s stock price fell $0.80 per share, or approximately $33.3 % from $2.40 per share to a closing price of $1.60 on August 16, 2022.
The Complaint alleges that throughout the Class Period, the Defendants made false and/or misleading statements and/or failed to disclose the following: (1) There was a significant risk that Sema4 would reverse a material amount of previously recognized revenue that couldn’t recoup it 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.
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