GlobeNewswire Inc | Aug 31, 2020 08:18AM EDT

August 31, 2020

BOSTON, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that a securities class action has been filed against Progenity, Inc. (NASDAQ: PROG) and certain of its executives. Investors who purchased Progenity shares between and who lost money are encouraged to contact the firm for a free case evaluation.

Since Progenitys June 22, 2020 IPO, the Companys stock price has plummeted, closing as low as $7.71 per share on August 14, 2020, representing a decline of nearly 50% from the $15 per share IPO price.

The lawsuit was filed in the U.S. District Court for the Southern District of California, and alleges that the IPO materials were negligently prepared, and as a result, contained untrue statements of material fact and omitted material facts necessary to make the statements therein not misleading. Among other things, the suit alleges that the IPO materials failed to disclose that Progenity had overbilled government payors by $10.3 million in 2019 and 2020 and had therefore overstated its revenues, earnings, and cash flows from operations and that Progenity was suffering from accelerating negative trends in the second quarter of 2020 with respect to the Companys testing volumes, revenues, and product pricing.

If you purchased or acquired shares of Progenity and have questions about your legal rights or possess information relevant to this matter, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or at https://www.blockleviton.com/cases/prog. The deadline to move the Court to be appointed lead plaintiff is October 27, 2020.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the countrys financial markets. The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States. The firms lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:BLOCK & LEVITON LLP260 Franklin St., Suite 1860Boston, MA 02110Phone: (617) 398-5600Email: cases@blockleviton.comSOURCE: Block & Leviton LLPwww.blockleviton.com