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About the Case

On November 4, 2021, NeoGenomics revealed that it was, “conducting an internal investigation with the assistance of outside counsel that focuses on the compliance of certain consulting and service agreements with federal healthcare laws and regulations” including “those relating to fraud, waste and abuse,” and had “accrued a reserve of $10.5 million for potential damage and liabilities associated with the federal healthcare program revenue received spanning multiple years.” Following this news, the price of NeoGenomics common stock fell $8.18 per share, or 17.6%, from $46.53 per share on November 3, 2021 to $38.35 per share at the close of trading on November 4, 2021.

Then, on March 28, 2022, NeoGenomics disclosed the departure of its CEO “effective immediately” and simultaneously reduced its financial guidance largely due to “higher than anticipated” costs. Following this news, the price of NeoGenomics common stock fell $5.30 per share, or 29.8%, from $17.79 per share on March 28, 2022 to $12.49 per share at the close of trading on March 29, 2022.

Finally, on April 27, 2022, NeoGenomics 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.” NeoGenomics further admitted that it had “not kept up” with competitors that were offering more in-demand technologically advanced cancer tests. Following this news, the price of NeoGenomics common stock fell $0.41 per share, or 3.8%, from $10.85 per share on April 26, 2022 to $10.44 per share at the close of trading on April 27, 2022.

Berger Montague Counsel

Andrew Abramowitz, Esq.

25%

aabramowitz@bm.net

(215) 875-3015

bergermontague.com

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James Maro, Esq.

25%

jmaro@bm.net

(215) 875-3093

bergermontague.com

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