Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Sema4 Holdings Corp. (NASDAQ: SMFR; SMFRW) securities between March 14, 2022 and August 15, 2022, both dates inclusive (the “Class Period”) have until November 7, 2022 to seek appointment as lead plaintiff. The Sema4 class action lawsuit – captioned Helo v. Sema4 Holdings Corp., No. 22-cv-01131 (D. Conn.) – charges Sema4 and certain of its top executives with violations of the Securities Exchange Act of 1934.
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CASE ALLEGATIONS: Sema4 is a health company that uses artificial intelligence to enable personalized medicine.
The Sema4 class action lawsuit alleges that defendants failed to disclose that: (i) there was a significant risk that Sema4 would reverse a material amount of previously recognized revenue that it could not recoup from third-party payors; (ii) Sema4 was experiencing declining selling prices for its reproductive health segment; and (iii) thus, Sema4’s financial results would be adversely affected.
On August 15, 2022, Sema4 announced changes to its research and development leadership team, including that Sema4’s founder, defendant Eric Schadt, was stepping down from his roles as President and Chief Research & Development Officer. Sema4 also disclosed that it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments. During the related conference call, Sema4 further revealed 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, Sema4’s stock price fell by more than 33%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Sema4 securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Sema4 class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Sema4 class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Sema4 class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
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J.C. Sanchez, 800-449-4900