PHILADELPHIA, May 24, 2023 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that it is investigating CareDx, Inc. (“CareDx”) ( CDNA) on behalf of the Company’s long-term stockholders.
Recently a shareholder class action complaint was filed against CareDx on behalf of certain investors who purchased shares of the Company’s stock between January 21, 2021 and November 3, 2022.
CareDx is a diagnostics company that provides services and products to the organ transplant recipient community, offering diagnostic testing services, products, and digital healthcare software for transplant patients and care providers.
On October 28, 2021, CareDx disclosed that it had “received a civil investigative demand (CID) from the United States Department of Justice (DOJ) requesting that the Company produce certain documents in connection with a False Claims Act investigation being conducted by the DOJ regarding certain business practices related to our kidney testing and phlebotomy services, and a subpoena from the United States Securities and Exchange Commission (SEC) in relation to an investigation by the SEC in respect of matters similar to those identified in the CID, as well as certain of our accounting and public reporting practices.” Following this news, shares of the company’s stock fell $19.34 per share, or 27.5% in value, to close on October 29, 2021 at $51.00 per share, on heavy trading volume.
The complaint further alleges that during fiscal 2022, CareDx made a series of additional disclosures to investors about the company’s business, operations and prospects, which collectively resulted in the price of CareDx’s stock declining to $16.02 per share on November 4, 2022.
The investigation seeks to determine whether the members of CareDx’s board of directors violated the securities laws or breached their fiduciary duties to the Company and its stockholders in connection with the above alleged misconduct.
CareDx stockholders who purchased or acquired shares of the company’s common stock prior to October 28, 2021 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email ([email protected] / [email protected]) or online at https://kaskelalaw.com/cases/caredx/ , for additional information about this inevstigation and their legal rights and options.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com
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