NEW ORLEANS–(BUSINESS WIRE)–Former Attorney General of Louisiana, Charles C. Foti, Jr., Esq., a partner at the law firm of Kahn Swick & Foti, LLC (“KSF”), announces that KSF continues its investigation into CareDx, Inc. (NasdaqGM: CDNA).
In October 2021, the Company disclosed that it received a civil investigative demand (“CID”) from the U.S. Department of Justice (“DOJ”) relating to “a False Claims Act investigation being conducted by the DOJ regarding certain business practices related to [the Company’s] kidney testing and phlebotomy services,” and that it had also received a subpoena from the SEC in relation to the same matters “as well as certain of our accounting and public reporting practices.” In November 2022, the Company disclosed lackluster overall revenue growth, including a $1.7 million (2.5%) YOY decline in revenue from its diagnostic solutions segment, as well as a 14% increase in operating costs, exceeding the increase in revenue, and that loss from operations nearly doubled from $8.7 to $17.3 million.
The Company has been sued in a securities class action lawsuit for failing to disclose material information, violating federal securities laws, which remains ongoing.
KSF’s investigation is focusing on whether CareDx’s officers and/or directors breached their fiduciary duties to its shareholders or otherwise violated state or federal laws.
If you have information that would assist KSF in its investigation, or have been a long-term holder of CareDx shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgm-cdna/ to learn more.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner