DermTech (DMTK) DMT Pricing Case

The case has been dismissed, typically without any further action.

S.D. California

Court

3:23-cv-01885

Case number

05/03/2022

Class period Start

11/03/2022

Class period End

12/15/2023

Lead Plaintiff motion deadline

In August 2022, DermTech reported lower selling prices for their Melanoma Test in Q2 2022, which led to a 34% stock price drop.
Then, in November 2022, DermTech lowered revenue expectations, leading to a 44% $DMTK fall the next day.

On August 8, 2022, DermTech reported its Q2 2022 financial results and mentioned that the company expected a decrease in the average selling price for their Melanoma Test (DMT).

This news led to a 34% $DMTK drop on August 9, 2022.

Later, on November 3, 2022, DermTech shared their Q3 2022 financial results, stating that they faced challenges with slow growth due to limited commercial payer coverage and issues in collecting payments.

This also caused $DMTK fall by 44.7% and $45M loss of market capitalization, damaging shareholders.

Given all the information, investors have reasons to suspect that DermTech didn't disclose issues with Melanoma Test sales and the company's financial condition.

Case Status

Dismissed

Alleged Offence

Misleading Statements,

Failure to Disclose,

Omissions

Suspected Party

Directors,

Management

Security Type

Stocks

Trade Direction

Long

Shock Event Date

11/04/2022

Filing date

10/16/2023

Lead Plaintiff Deadline

12/15/2023

Judge

Dana M Sabraw