DermTech, Inc. is facing a class action lawsuit over allegations of securities misrepresentations. The law firm Kirby McInerney LLP recently announced that the lawsuit has been filed on behalf of individuals who acquired DermTech securities between May 3, 2022, and November 3, 2022.
According to the lawsuit, DermTech made false and misleading statements during this period, failing to disclose challenges with collections from commercial payors. The company allegedly experienced a lower average selling price for its DermTech Melanoma Test as a result. These alleged misrepresentations are said to have adversely impacted the company’s revenue growth.
The lawsuit also highlights specific instances that led to significant declines in DermTech’s stock price. On August 8, 2022, the company reported lower expectations for the DermTech Melanoma Test’s average selling price, leading to a 34.05% decrease in DermTech shares. Then, on November 3, 2022, DermTech announced its third-quarter financial results, revealing limited commercial payer coverage had affected billable sample volume sequential growth. Consequently, the company’s shares dropped by approximately 44.77%.
Investors who acquired DermTech securities during the Class Period have until December 15, 2023, to apply to be appointed as lead plaintiff in the lawsuit. Those interested in learning more about the lawsuit and their rights can contact Thomas W. Elrod of Kirby McInerney LLP.
Kirby McInerney LLP is a reputable New York-based law firm that focuses on securities, antitrust, whistleblower, and consumer litigation. The firm has a successful track record in representing shareholders in securities litigation, resulting in significant recoveries totaling billions of dollars.
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