Neogenomics Inc.

Ticker: NEO

Class Period Start: 02/27/2020

Class Period End: 04/26/2022

Registration Deadline: 02/06/2023

A securities class action has been filed in the USDC – S.D.N.Y. against NeoGenomics Inc. (NEO) on behalf of investors who purchased NeoGenomics securities between February 27, 2020 through April 26, 2022.

NeoGenomics provides cancer tests and testing services to doctors, clinics, hospitals, and pharmaceutical companies through its network of cancer testing laboratories in the United States, Europe, and Asia.

According to the lawsuit, throughout the Class Period, defendants made materially false and/or misleading statements regarding the Company’s:

  • statements it was a “one-stop-shop” for cancer testing because it did not offer the most technologically advanced NGS tests, which led to a significant decrease in revenue as current and prospective customers went elsewhere for their testing needs;
  • costs, which were not fixed because the Company needed to hire additional employees to process more complex customized testing demanded by customers utilizing the Company’s outdated portfolio of tests, leading to operational challenges, decrease lab efficiency, and increased testing turnaround times; and
  • thus, the Company violated federal healthcare laws and regulations related to fraud, waste, and abuse.

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