NEW YORK, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Cryoport, Inc. (“Cryoport” or the “Company”) ( CYRX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Cryoport and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 12, 2023, after market hours, Cryoport announced preliminary second-quarter financial results, and disclosed that its second quarter 2023 total revenue “is expected to be in the range of $56.5 to $57.5 million, representing a decrease of 11%, at the midpoint, compared to the second quarter of 2022.” The Company attributed the shortfall to “a global slowdown in capital equipment investment” as well as “a number of clinical trial start delays and several key customers falling short of their forecasts for the revenue ramp of certain cell and gene therapies.”
On this news, Cryoport’s stock price fell $4.80 per share, or 24.7%, to close at $16.60 per share on July 13, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
