NEW ORLEANS, July 05, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until July 22, 2022 to file lead plaintiff applications in a securities class action lawsuit against CareDx, Inc. (“CareDx” or the “Company”) (NasdaqGM: CDNA), if they purchased the Company’s shares between February 24, 2021 and May 5, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
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CareDx investors should visit us at https://claimsfiler.com/cases/nasdaq-cdna/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
CareDx and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 28, 2021, the Company disclosed that it was the subject of at least three government investigations related to its “accounting and public reporting practices,” including the recent receipt of a civil investigative demand (“CID”) from the U.S. Department of Justice (“DOJ”) requesting the Company produce documents in connection with the DOJ’s False Claims Act investigation. On this news, shares of CareDx fell 27%, from a closing price of $70.34 per share on October 28, 2021, to a closing price of $51.00 per share on October 29, 2021.
Then, on May 5, 2022, post-market, the Company announced its 1Q2022 results, disclosing testing service revenue that fell well short of analysts’ expectations and another decline in average sales price for testing in which the Company’s average price declined by approximately 4.9% versus the last quarter of 2021. On this news, shares of CareDx fell another 18.5%, from a closing price of $31.66 per share on May 5, 2022, to a closing price of $25.87 per share on May 6, 2022.
The case is Plumbers & Pipefitters Local Union #295 Pension Fund v. CareDx, Inc., et al., No. 3:22-cv-03023.
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