San Francisco, California--(Newsfile Corp. - October 31, 2022) - Hagens Berman urges Sema4 Holdings Corp. (NASDAQ: SMFR) investors who suffered significant losses to submit your losses now.
Class Period: Mar. 14, 2022 - Aug. 15, 2022
Lead Plaintiff Deadline: Nov. 7, 2022
Visit:www.hbsslaw.com/investor-fraud/SMFR
Contact An Attorney Now:SMFR@hbsslaw.com
844-916-0895
Sema4 Holdings Corp. (NASDAQ: SMFR) Securities Fraud Class Action:
The complaint challenges Defendants' statements concerning Sema4's billing practices and reported revenues.
Specifically, Defendants allegedly misrepresented and concealed: (1) there was a significant risk that Sema4 would reverse a material amount of previously recognized revenue that it could not recoup from third party payors; (2) the company was experiencing declining selling prices for its reproductive health segment; and, (3) as a result of the foregoing, Sema4's financial results would be adversely affected.
The truth emerged on Aug. 15, 2022, when Sema4 announced disappointing Q2 2022 financial results, including revenues of just $36 million, or 23% lower than the prior year's quarter. The company blamed its dismal results on having reversed appx. $30 million revenues attributable to overpayments by a third-party payor prior to Q2 2022. The company also announced its President and Chief R&D Officer (Eric Schadt) was stepping down and it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments.
This news sent the price of Sema4 shares crashing 33% lower on Aug. 16, 2022.
"We're focused on investors' losses and proving Sema4 misled investors about its financial results," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Sema4 and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sema4 should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SMFR@hbsslaw.com.
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
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