CareDx, Inc
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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
1800 Century Park East, Suite 600
Los Angeles, CA 90067
info@portnoylaw.com
According to the Complaint, the Company made false and misleading statements to the market. CareDx engaged in improper schemes to inflate both testing service demand and revenue including the use of misleading marketing materials, improper kickbacks to physicians, and bundling testing as part of the RemoTraC service. The Company’s schemes left it at greater risk of regulatory scrutiny. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about CareDx, investors suffered damages.
CareDx is a diagnostics company that offers diagnostic testing services, products, and digital healthcare software for organ transplant patients and care providers. Testing services for kidney and heart transplant recipients represented at least 85% of CareDx’s total revenues, and the Company’s AlloSure blood test for transplant recipients was the Company’s primary source of revenue. Additionally, the higher reimbursement payment rates for its Medicare-approved tests drove growth of the Company’s average sale price (“ASP”), an important metric for investors. Throughout the Class Period, CareDx reported growing revenue and strong demand in the Company’s testing services segment. Defendants also emphasized to investors the success of the Company’s RemoTraC service – a remote, home-based, blood-drawing service that the Company launched in response to the COVID-19 pandemic.
