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

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

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On December 7, 2022, Jehoshaphat Research published a brief report on Progyny entitled “A Love Child of Accounting Games & Credit Risk” (the “Jehoshaphat Report”). The Jehoshaphat report claims that Progyny “misleads the investment community through its financial reporting practices” and that Progyny “is actually unprofitable but masks this problem with accounting games.” Among other things, the report alleges that Progyny “apparently recently decided to stop accumulating compensation for customer cancellations, which… may have added up to another ~400 basis points to both revenue and gross profit margins,” and that ” Loan losses’ reported by Progyny ‘are more like reversals of excess revenue’, citing the company’s ‘high quality corporate customer base’. As a result of this news, Progyny’s share price fell sharply during intraday trading on December 7, 2022.

The Pomerantz law firm, with offices in New York, Chicago, Los Angeles and Paris, is one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, known as Dean of the Class Attorney’s Association, the Pomerantz firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz law firm continues the tradition he established and fights for the rights of victims of securities fraud, breaches of fiduciary duty and corporate misconduct. The law firm, on behalf of…