BOSTON, Oct. 06, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, reminds investors that securities class actions have been filed against Progenity, Inc. (NASDAQ: PROG), Portland General Electric Company (NYSE: POR), and GoHealth, Inc. (NASDAQ: GOCO). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
PROG Shareholders – Click Here: https://www.blockleviton.com/cases/prog
POR Shareholders – Click Here: https://www.blockleviton.com/cases/pge
GOCO Shareholders – Click Here: https://www.blockleviton.com/cases/goco
Progenity, Inc. (NASDAQ: PROG) – Lead Plaintiff Deadline of October 27, 2020
Since Progenity’s June 22, 2020 initial public offering (“IPO”), the Company’s stock price has plummeted, closing as low as $7.71 per share on August 14, 2020, representing a decline of nearly 50% from the $15 per share IPO price. A lawsuit has been filed in the U.S. District Court for the Southern District of California. The suit alleges, among other things, that the IPO materials failed to disclose that Progenity had overbilled government payors by $10.3 million in 2019 and 2020 and had therefore overstated its revenues, earnings, and cash flows from operations and that Progenity was suffering from accelerating negative trends in the second quarter of 2020 with respect to the Company’s testing volumes, revenues, and product pricing.
Portland General Electronic Company (NYSE: POR) – Lead Plaintiff Deadline of November 2, 2020
Portland General shares fell approximately 11% on August 25, 2020, after the Company announced after the markets closed the day before that it had formed a Special Committee to investigate energy trading activity “in certain wholesale electricity markets that has resulted in realized and unrealized losses of $127 million” to the Company as of August 24, 2020. The Company added that it “entered into a number of energy trades during 2020, with increasing volume accumulating late in the second quarter and into the third quarter, resulting in significant exposure to the Company.” A lawsuit has been filed in the U.S. District Court for the District of Oregon. The suit alleges that Portland General Electric lacked effective internal controls over its energy trading practices, which practices created significant negative financial exposure for the Company, leading to the reported significant losses. The class period runs from April 24, 2020 to August 24, 2020.
GoHealth, Inc. (NASDAQ: GOCO) – Lead Plaintiff Deadline of November 20, 2020
In July 2020, GoHealth went public, selling stock to investors at $21 per share. Just one month later, GoHealth reported an almost $23 million quarterly loss, in sharp contrast to the $15 million profit it earned in the prior year period. A lawsuit has been filed against GoHealth in the U.S. District Court for the Northern District of Illinois. The suit alleges that GoHealth’s executives admitted that customer churn matched internal Company “expectations” and that churn was increasing, as internally expected, before and at the time of the IPO. However, GoHealth never revealed this information to its investors. On this news, GoHealth’s stock fell from its August 19, 2020 closing price of $19.02 per share to an August 21, 2020 close of $15.97 per share. GoHealth’s stock has since closed as low as $12.53 per share, representing a decline of over 40% from the IPO price.
If you purchased or acquired shares of PROG, POR, or GOCO and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at cases@blockleviton.com, or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP
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Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com