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DMTK.US
id: 848
DermTech (DMTK) DMT Pricing Case
The case has been dismissed, typically without any further action.
S.D. California
Court3:23-cv-01885
Case number05/03/2022
Class period Start11/03/2022
Class period End12/15/2023
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