NEW ORLEANS, June 3, 2022 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until July 22, 2022 to file lead plaintiff claims in a securities class action lawsuit against CareDx, Inc. (“CareDx” or the “Company”) (NASDAQGM: CDNA), if they purchased the Company’s stock between February 24, 2021 and May 5, 2022, inclusive (the “Class Period”). This action is in progress in United States District Court for the Northern District of California.
CareDx investors should visit us at https://claimsfiler.com/cases/nasdaq-cdna/ or call toll-free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the trial
CareDx and certain of its officers are accused of failing to disclose material information during the Class Period, in violation of federal securities laws.
On October 28, 2021, the company revealed that it was the subject of at least three government investigations related to its “accounting and reporting practices”, including the recent receipt of a request for a civil investigation (“CID”) ) of the United States Department of Justice (“DOJ”)) requesting the company to produce documents as part of the DOJ’s investigation into the False Claims Act. On the news, CareDx shares fell 27% from a closing price of $70.34 per share on October 28, 2021at a closing price of $51.00 per share on October 29, 2021.
Then, on May 5, 2022post-marketing, the company announced its first quarter 2022 results, revealing testing services revenue well below analysts’ expectations and a further decline in the average test selling price in which the company’s average price fell 4.9% from the last quarter of 2021 On this news, CareDx shares fell another 18.5% from a closing price of $31.66 per share on May 5, 2022at a closing price of $25.87 per share on May 6, 2022.
The case is Plumbers and Pipefitters Local Union #295 Pension Fund c. CareDx, Inc., et al., No. 3:22-cv-03023.
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