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SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Progenity, Inc. - PROG

NEW YORK, Oct. 17, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors ofA Progenity, Inc.A ("Progenity" or the "Company")A (NASDAQ:A PROG).A  Such investors are advised to contact Robert S. Willoughby at A newaction@pomlaw.com or 888-476-6529, ext. 7980.The investigation concerns whether Progenity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.A  [Click here for information about joining the class action]On or around June 19, 2020, Progenity conducted its initial public offering ("IPO"), selling 6.8 million shares priced at $15.00 per share.A  Then, on August 13, 2020, Progenity issued a press release announcing the Company's financial results for the second quarter of 2020.A  Among other results, Progenity announced revenue of $17.27 million for the quarter, which missed consensus estimates by approximately $8.92 million.A  Progenity advised investors that "second-quarter revenues reflected a $10.3 million accrual for refunds to government payors" in connection with a settlement with the U.S. Department of Justice and participating states to resolve claims that Progenity had fraudulently billed federal healthcare programs for prenatal tests and provided kickbacks to physicians to induce to them to order Progenity tests for their patients.A  On this news, Progenity's stock price fell $1.24 per share, or 13.85%, to close at $7.71 per share on August 14, 2020.
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