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    NEO INVESTOR ALERT  125  0 Kommentare First and Only NeoGenomics Class Action Filed by Gibbs Law Group

    Gibbs Law Group reminds investors it has filed the first and only class action lawsuit against NeoGenomics, Inc. (NASDAQ: NEO) and certain of its officers and directors on behalf of investors who purchased NeoGenomics securities from February 27, 2020, through April 26, 2022, inclusive. If any investor wishes to apply to be lead plaintiff, the deadline is February 6, 2023.

    To join the NeoGenomics class action lawsuit or to speak privately with our legal team about your rights in this class action lawsuit, click here or contact us at 510-876-9368.

    NeoGenomics provides cancer tests and testing services to doctors, clinics, hospitals, and pharmaceutical companies through its network of cancer testing laboratories in the United States, Europe, and Asia.

    Allegations of Misconduct

    According to the lawsuit, during the class period, Defendants made false and misleading statements or failed to disclose the following:

    1. Defendants represented to investors that it had a “comprehensive menu” of cancer tests with “every kind of testing modality that you can use for cancer, including some of the fast-growing new ones, like next-generation sequencing,” which positioned the Company as a “one-stop-shop” for pathologists and gave NeoGenomics “a competitive advantage” as a “go-to reference lab with a comprehensive menu for just about any kind of tests that you want to have done in cancer.”
    2. Defendants represented that NeoGenomics could “leverage” the supposedly “fixed cost” structure of its business to improve profitability as revenue increased and touted the Company’s “robust Compliance Program . . . to ensure compliance with the myriad of . . . laws, regulations and governmental guidance applicable to our business.”

    The Truth Emerges

    On November 4, 2021, NeoGenomics revealed that it was, “conducting an internal investigation with the assistance of outside counsel that focuses on the compliance of certain consulting and service agreements with federal healthcare laws and regulations” including “those relating to fraud, waste and abuse,” and had “accrued a reserve of $10.5 million for potential damage and liabilities associated with the federal healthcare program revenue received spanning multiple years.”

    Next, on March 28, 2022, NeoGenomics disclosed the departure of its CEO “effective immediately” and simultaneously reduced its financial guidance largely due to “higher than anticipated” costs.

    Finally, on April 27, 2022, NeoGenomics revealed that “higher payroll and payroll related costs” drove decreased profit and increased operating expenses, and admitted that its portfolio of cancer tests “is weighted to legacy” tests “while the market is moving towards larger, more comprehensive panels.” The Company further admitted that it had “not kept up” with competitors that were offering more in-demand technologically advanced cancer tests.

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    NEO INVESTOR ALERT First and Only NeoGenomics Class Action Filed by Gibbs Law Group Gibbs Law Group reminds investors it has filed the first and only class action lawsuit against NeoGenomics, Inc. (NASDAQ: NEO) and certain of its officers and directors on behalf of investors who purchased NeoGenomics securities from February 27, …