NEW YORK, NY / ACCESSWIRE / October 30, 2023 / Pomerantz LLP is investigating claims on behalf of investors of DermTech, Inc. ("DermTech" or the "Company") (NASDAQ:DMTK). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether DermTech and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On August 8, 2022, after the market closed, DermTech announced its second quarter 2022 financial results and revealed that the Company expected "a lower average selling price (ASP) for [its] DMT," due to "Medicare billing code edits . . . as well as less favorable collection patterns from commercial payors."
On this news, the Company's stock price fell $2.87, or 34%, to close at $5.56 per share on August 9, 2022.
Then, on November 3, 2022, after the market closed, DermTech announced its third quarter 2022 financial results, reporting that billable sample volume "sequential growth was flat due to headwinds caused by limited commercial payer coverage." The Company attributed the disappointing growth to "commercial payer collection challenges [have] affect[ed] estimating ASP [average selling price]." As a result, DermTech expected "at least $13 million in assay revenue for the fullyear 2022," which is "below [its] previous guidance range."
On this news, the Company's stock price fell $1.34, or 44.7%, to close at $1.66 per share on November 4, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP
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