PR Newswire | Oct 13, 2020 09:03AM EDT

announces that a securities class action lawsuit has been filed on behalf of shareholders OF Progenity, Inc. In the United States District Court for the SOUTHERN District of California

10/13 08:00 CDT

Progenity, Inc. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed on behalf of shareholders OF Progenity, Inc. In the United States District Court for the SOUTHERN District of CaliforniaLEAD PLAINTIFF DEADLINE IS OCTOBER 27. 2020 NEW YORK and SAN DIEGO, Oct. 13, 2020

NEW YORK and SAN DIEGO, Oct. 13, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein") announces that a federal securities class action lawsuit has been filed against Progenity, Inc. ("Progenity" or the "Company") (NASDAQ: PROG) in the United States District Court for the Southern District of California on behalf of persons and entities that purchased or otherwise acquired Progenity, Inc. common stock pursuant and/or traceable to the Registration Statement issued in connection with the Company's initial public offering ("IPO") conducted in June 2020.

All investors who purchased sharesofProgenity, Inc.and incurred losses are urged to contact the firm immediately atclassmember@whafh.comor (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action orjoin the caseon our website,www.whafh.com.

If you have incurred losses in the shares of Progenity, Inc., youmay,no later than October 27, 2020,request that the Court appoint you lead plaintiff of the proposed class.

CLICK HERE TO JOIN THIS CASE

In June 2020, Progenity completed its IPO, in which it sold approximately 6.7 million shares for $15.00 per share.

On August 13, 2020, Progenity announced its second quarter 2020 results in a press release. Therein, the Company disclosed that "second-quarter revenues reflected a $10.3 million accrual for refunds to government payors,"related to a settlement with the U.S. Department of Justice and several states to resolve claims that Progenity had fraudulently billed federal healthcare programs for prenatal tests and provided kickbacks to physicians to induce them to order Progenity tests for their patients.

Progenity shares are currently trading below $9.00 per share, a decline of over 40% from the June IPO price.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq.Gregory Stone, Director of Case and Financial AnalysisEmail: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.comTel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP