NEW YORK, May 08, 2018 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Cancer Genetics, Inc. ("Cancer Genetics" or the "Company") CGIX in the United States District Court for the District of New Jersey on behalf of a class consisting of investors who purchased or otherwise acquired Cancer Genetics securities on the open market from March 23, 2017 through April 2, 2018, inclusive (the "Class Period").
Investors who have incurred losses in shares of Cancer Genetics, Inc., you may contact the firm at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the firm on our website, www.whafh.com.
On April 2, 2018, the Company reported that following the departure of its former CEO, it undertook a "comprehensive and extensive review" of its strategy and organization.
As a result, the Company recorded a bad debt expense of $4.4 million and wrote off $1.8 million of its accounts receivable in the fourth quarter of 2017, largely related to "collection issues" with respect to the accounts receivable recorded subsequent to the Company's 2015 acquisition of Response Genetics Inc.
The Company further disclosed that it "had a Material Weakness in Internal Controls Over Financial Reporting at December 31, 2017" and that its 2017 annual report would contain a going concern qualification.
On this news, Cancer Genetics' share price fell $0.55 per share, or 33.3%.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
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