A lawsuit was filed on behalf of investors in Cancer Genetics, Inc. (NASDAQ: CGIX) shares over alleged securities laws violations.
San Diego, CA -- (ReleaseWire) -- 04/16/2018 -- An investor, who purchased NASDAQ: CGIX shares filed a lawsuit against Cancer Genetics, Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Cancer Genetics, Inc. (NASDAQ: CGIX) have certain options and for certain investors are short and strict deadlines running. Deadline: June 4, 2018. NASDAQ: CGIX investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
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.
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[.]"
Those who purchased shares of Cancer Genetics, Inc. (NASDAQ: CGIX) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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