Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Connecticut on behalf of shareholders of Sema4 Holdings Corp. who purchased shares between March 14, 2022 and August 15, 2022.
Sema4 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 15, 2022, post-market, the Company disclosed that its President and Chief R&D Officer was stepping down from those roles, that it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments, and that it had “reversed $30.1 million of revenue this quarter related to prior periods,” in connection with negotiations with “one of [Sema4’s] larger commercial payors regarding the potential recoupment of payments for Sema4 carrier screening services rendered from 2018 to early 2022.”
On this news, shares of Sema4 fell $0.80, or 33.3%, to close at $1.60 per share on August 16, 2022, on unusually heavy trading volume.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 7, 2022 to request that the court appoint them lead plaintiff.