Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Organogenesis Holdings Inc. - ORGO
RADNOR, Pa., Dec. 15, 2021 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP informs investors that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Organogenesis Holdings Inc. (“Organogenesis”) ( NASDAQ: ORGO ). The action charges Organogenesis with violations of the federal securities laws, including omissions and fraudulent misrepresentations relating to the company’s business, operations, and prospects. As a result of Organogenesis’s materially misleading statements to the public, Organogenesis’s investors have suffered significant losses.
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CLICK HERE TO SUBMIT YOUR ORGANOGENESIS LOSSES
LEAD PLAINTIFF DEADLINE: February 8, 2022
CLASS PERIOD: March 17, 2021 through October 11, 2021
CONTACT AN ATTORNEY TO DISCUSS YOUR RIGHTS:
James Maro, Esq. (484) 270-1453 or Toll Free (844) 887-9500 or Email at firstname.lastname@example.org
ORGANOGENESIS’S ALLEGED MISCONDUCT
Organogenesis is a regenerative medicine company that develops, manufactures, and commercializes solutions for advanced wound care, surgical and sports medicine markets. The company’s advanced wound care products include “Affinity,” an amniotic allograft wound covering and surgical barrier for application in the care of chronic and acute wounds or surgical implantation in spine, orthopedic, and sports medicine applications.
On October 12, 2021, an anonymous report, the VIC Report, addressing Organogenesis was published on Value Investors Club. The report alleged that Organogenesis has been improperly billing the federal government for $250 million annually. Additionally, the VIC Report claimed that Organogenesis had set the price for its new wound covering, Affinity, “exorbitantly high[,]” which Medicare reimbursed, while making the product lucrative for doctors to use through large rebates, and that Organogenesis employed a similar tactic for its new PuraPly XT product. Moreover, the report claimed that “Organogenesis gave doctors, often ethically questionable podiatrists that had been hurting from covid, rebates on Affinity[,]” and that “[t]hese rebates could be upwards of 30% and the doctors pocket the spread between the reimbursed amount and what they paid Organogenesis.” Following this news, Organogenesis’s stock price fell $1.70 per share, or 14.11%, to close at $10.35 per share on October 12, 2021.
WHAT CAN I DO?
Organogenesis investors may, no later than February 8, 2022, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP other counsel, or may choose to do nothing and remain an absent class member. Kessler Topaz Meltzer & Check, LLP encourages Organogenesis investors who have suffered significant losses to contact the firm directly to acquire more information.
CLICK HERE TO SIGN UP FOR THE CASE
WHO CAN BE A LEAD PLAINTIFF?
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP
Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. At the end of the day, we have succeeded if the bad guys pay up, and if you recover your assets. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
280 King of Prussia Road
Radnor, PA 19087
(844) 887-9500 (toll free)
A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3a081614-4f1e-4b51-95d1-cd75e3892c0d