Shareholder rights law firm Robbins LLP is investigating Sema4 Holdings Corp. (NASDAQ: SMFR) and its officers and directors to determine whether they violated securities laws or breached fiduciary duties in failing to disclose it would reverse a material amount of previously recognized revenue and was experiencing declining sales prices for its Reproductive Health Segment. Sema4 is a health company that uses artificial intelligence to enable personalized medicine.
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What is this Case About: According to the class action complaint filed against Sema4, on August 15, 2022, the Company announced changes to its research and development leadership team, including that Eric Schadt was stepping down from his roles as President and Chief R&D Officer. The Company also disclosed that it was eliminating approximately 13% of its workforce as part of a series of restructuring and corporate realignments. During the related conference call, Sema4 revealed that it had “reversed $30.1 million of revenue this quarter related to prior periods,” in connection with negotiations with “one of [Sema4’s] larger commercial payors regarding the potential recoupment of payments for Sema4 carrier screening services rendered from 2018 to early 2022.” On this news, Sema4’s stock fell $0.80, or 33.3%, to close at $1.60 per share on August 16, 2022.
Next Steps: If you acquired shares of Sema4 Holdings Corp (SMFR) between March 14, 2022 and August 15, 2022, you have legal options. Contact Robbins LLP for more information about your rights.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
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About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Sema4 Holdings Corp settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.
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