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Cancer Genetics, Inc.(CGIX)

(NASDAQ: CGIX)

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 In Cancer Genetics, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Cancer Genetics, Inc. (“Cancer Genetics” or the “Company”) (NASDAQ: CGIX) of the June 4, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Cancer Genetics stock or options between March 23, 207 and April 2 , 2018 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Cancer Genetics securities between March 23, 2017 and April 2 ,2018 (the “Class Period”).  The case, Phetteplace v. Cancer Genetics, Inc. et al., No. 2:18-cv-05612 was filed on April 5, 2018, and has been assigned to Judge Esther Salas.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Cancer Genetics had ineffective disclosure controls and internal controls over financial reporting; and (2) as a result, the Company’s statements about the Company’s business, operations and prospects were materially false and misleading and/or lacked a reasonable bases at all relevant times.

Specifically, on April 2, 2018, Cancer Genetics reported that, following its Chief Executive Officer’s departure, it conducted a comprehensive review of its strategy and organization. This led Cancer Genetics 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 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[.]”

After the announcement, Cancer Genetics’ share price fell from $1.65 per share on April 2, 2018 to a closing price of $1.10 on April 3, 2018—a $0.55 or a 33.33% drop.

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  • Case:
    Cancer Genetics, Inc.(CGIX)
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 04/06/2018

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