NEW ORLEANS, July 12, 2022 (GLOBE NEWSWIRE) — Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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”) 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.
What You May Do
If you purchased shares of CareDx as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgm-cdna/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 22, 2022.
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.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163