NEW YORK, Feb. 19, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Progenity, Inc. ("Silk Road" or the "Company") (NASDAQ: PROG). Such investors are advised to contact Robert S. Willoughby at [email protected] 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.
On or around June 19, 2020, Progenity conducted its initial public offering ("IPO"), selling 6,666,667 shares of common stock priced at $15.00 per share. Then, on February 8, 2021, Wells Fargo downgraded Progenity to "underweight" from "overweight," having concluded that the Company's customer attrition and payor clawbacks had exceeded expectations.
On news of the downgrade, Progenity's stock price fell $0.42 per share, or 6.76%, to close at $5.79 per share on February 8, 2021. Since the IPO, Progenity's stock price has closed as low as $3.27 per share, representing a decline of more than 78% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP