SAN FRANCISCO, Aug. 19, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Sema4 Holdings Corp. SMFR investors who suffered significant losses to submit your losses now.
Sema4 Holdings Corp. SMFR Investigation:
The investigation focuses on Sema4’s billing practices and reported revenues.
In past quarters, Sema4 has touted its improved revenue collection efforts, claiming these and other initiatives would allow the company to achieve 30% growth and had put it on the pathway toward profitability.
But Sema4’s improved revenue collection practices came into question after the company experienced a stunning string of key executive departures in Summer 2022, beginning first on June 14, 2022, when Sema4’s CFO (Isaac Ro) left the company. Weeks later, on July 1, 2022, Sema4 announced its Chief Accounting Officer (Shawn Assad) had similarly departed. Then, on Aug. 15, 2022, Sema4 announced its President (Eric Schadt) has split.
Finally, on Aug. 15, 2022, Sema4 announced disappointing Q2 2022 financial results, including revenues of just $36 million, or 23% lower than the prior year’s quarter. The company blamed its dismal results on having reversed apx. $30 million revenues attributable to overpayments by a third-party payor prior to Q2 2022.
This news sent the price of Sema4 shares crashing 33% lower on Aug. 16, 2022.
“We’re focused on investors’ losses and whether Sema4 misled investors about the propriety of its billing and revenue recognition practices” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Sema4 and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Sema4 should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email SMFR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895