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Cancer Genetics, Inc. (NASDAQ: CGIX) Investor Securities Class Action Lawsuit 04/05/2018

  • If you purchased shares of Cancer Genetics, Inc. (NASDAQ: CGIX), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Cancer Genetics, Inc.
Security
NASDAQ: CGIX

Case Name
Cancer Genetics Shareholder Class Action Lawsuit 04/05/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of New Jersey

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 25, 2020 - The court granted the defendants' motion to dismiss. The case was dismissed with prejudice.

December 31, 2018 - A motion to dismiss the amended complaint was filed.

October 30, 2018 - An amended complaint was filed.

April 5, 2018 - An investor in shares of Cancer Genetics, Inc. (NASDAQ: CGIX) filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Cancer Genetics, Inc. in connection with certain allegedly false and misleading statements made between March 23, 2017 and April 2, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Cancer Genetics, Inc. (NASDAQ: CGIX) common shares between March 23, 2017 and April 2, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 23, 2017 and April 2, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Cancer Genetics had ineffective disclosure controls and internal controls over financial reporting, and that as a result, Defendants’ statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.

Rutherford, NJ based Cancer Genetics, Inc. develops, commercializes, and provides molecular and biomarker-based tests and services in the United States, India, and China. Shares of Cancer Genetics, Inc. (NASDAQ: CGIX) reached as high as $22.85 per share in September 2013. Cancer Genetics, Inc. reported that its annual Total Revenue rose from $18.04 million in 2015 and $27.04 million in 2016 and that its Net Loss declined from $20.18 million to $15.8 million in 2016.

On April 2, 2018, Cancer Genetics, Inc reported that, following its CEO’s departure, it conducted a comprehensive review of its strategy and organization. This led Cancer Genetics, Inc to record a bad debt expense of $4.4 million and write off $1.8 million of its accounts receivable in the fourth quarter, with a significant portion related to collection issues with accounts receivables recorded after 2015.

Cancer Genetics, Inc also reported that, on December 31, 2017, its “cash position and history of losses required management to assess [its] ability to continue operating as a going concern[.]”

Shares of Cancer Genetics, Inc. (NASDAQ: CGIX) declined to $0.90 per share on April 3 2018.

On April 5, 2018, NASDAQ: CGIX shares closed at $1.2 per share.