Lawsuit filed for Investors in shares of NeoGenomics, Inc. (NASDAQ: NEO) over alleged Securities Laws Violations

An investor, who purchased shares of NeoGenomics, Inc. (NASDAQ: NEO), filed a lawsuit over alleged violations of Federal Securities Laws by NeoGenomics, Inc.

Investors who purchased shares of NeoGenomics, Inc. (NASDAQ: NEO) have certain options and for certain investors are short and strict deadlines running. Deadline: February 6, 2023. NASDAQ: NEO investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On November 4, 2021, NeoGenomics, Inc. reported its third quarter financial results. In addition, NeoGenomics announced a "leadership team transition". NeoGenomics said that its current CFO led the company through multiple acquisitions, financing events, and navigated the company through the financial challenges associated with the COVID-19 global pandemic and will be namad Chief Sustainability and Risk Officer as of January 1, 2022. NeoGenomics said that William Bonello, who currently is NeoGenomics' President of its Informatics Division, will be named CFO as of January 1, 2022.

On March 28, 2022, NeoGenomics, Inc. announced that its Chief Executive Officer "will step down as CEO and member of the Board, effective immediately." NeoGenomics, Inc. also announced that it "expects revenue for Q1 2022 may be below the low end of its prior guidance of $118 - $120 million and EBITDA for Q1 2022 will be below the low end of its prior guidance of $(15) - $(12) million." NeoGenomics disclosed that "[t]he larger than anticipated EBITDA loss was primarily driven by higher than anticipated Clinical Services cost of goods sold" and that it "has withdrawn its 2022 annual financial guidance issued February 23, 2022."

On April 27, 2022, NeoGenomics, Inc. revealed that "higher payroll and payroll related costs" drove decreased profit and increased operating expenses and admitted that its portfolio of cancer tests "is weighted to legacy" tests "while the market is moving towards larger, more comprehensive panels." The Company further admitted that it had "not kept up" with competitors that were offering more in-demand technologically advanced cancer tests.

Shares of NeoGenomics, Inc. (NASDAQ: NEO) declined from $47.13 per share on November 1, 2021, to as low as $7.26 per share on May 12, 2022.

The plaintiff claims that between February 27, 2020 and April 26, 2022, the NeoGenomics and certain members of its management misrepresented and/or failed to disclose that NeoGenomics was not a "one-stop shop" for cancer testing which led to a significant decrease in revenue as current and prospective customers went elsewhere for their testing needs, that the Company's costs were not fixed because NeoGenomics needed to hire additional employees to process more complex customized testing demanded by customers utilizing the Company's outdated portfolio of tests, leading to operational challenges, decreased lab efficiency, and increased testing turnaround times, and that NeoGenomics violated federal healthcare laws and regulations related to fraud, waste, and abuse.

Those who purchased shares of NeoGenomics, Inc. (NASDAQ: NEO) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.