NEW YORK, Jan. 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of NeoGenomics, Inc. (“NeoGenomics” or the “Company”) NEO. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether NeoGenomics and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On November 4, 2021, NeoGenomics announced that it was “conducting an internal investigation, with the assistance of outside counsel, focused on compliance with certain consulting and service agreements with federal health care laws and regulations” and recently “notified the Office of the Inspector General des Department of Health and Human Services of our investigation.” In addition, the company announced that it has “created a $10.5 million reserve for potential damages and liabilities related to multiple years of federal healthcare program revenue received “.

As a result of 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 on November 4, 2021.

Then, on March 28, 2022, NeoGenomics announced that “the Board of Directors and Mark Mallon, Chief Executive Officer, have agreed that Mr. Mallon will step down as CEO and member of the Board, effective immediately.” At the same time, the company announced that it “currently expects revenue for the first quarter of 2022 to be below the low end of its previous guidance of $118 million to $120 million and for first quarter 2022 EBITDA to be below the low end of its previous guidance.” Forecast of $(15) – $(12) Million. The larger than expected EBITDA loss was primarily caused by higher than expected cost of sales of clinical services products sold. The company intends to take immediate action to manage performance and costs. . ….