If you suffered losses in DermTech stock, contact DermTech stock loss lawyer Timothy L. Miles about a DermTech class action lawsuit
INTRODUCTION TO THE CLASS ACTION AGAINST DERMTECH
The class action against DermTech seeks to represent purchasers or acquirers of DermTech, Inc. (NASDAQ: DMTK) securities between May 3, 2022 and November 3, 2022, inclusive (the “Class Period”). Captioned Bagheri v. DermTech, Inc., No. 23-cv-01885 (S.D. Cal.), the class action against DermTech charges DermTech and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in DermTech stock and wish to serve as lead plaintiff in the class action against DermTech, please contact DermTech Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the class action against DermTech must be filed with the court no later than December 15, 2023.
Read on for answers top four frequently asked questions about the class action against DermTech.
what are the allegations in the class action against dermtech
DermTech is a molecular diagnostic company that develops and markets non-invasive genomics test to aid the diagnosis and management of skin cancer, inflammatory skin diseases, and aging-related skin conditions. The DermTech Melanoma Test (“DMT”) is a commercial test offered to assess pigmented skin lesions for melanoma.
The class action against DermTech alleges that defendants throughout the Class Period failed to disclose that: (i) DermTech experienced challenges with collections from commercial payors; (ii) as a result, there was a lower average selling price for DermTech’s DMT; and (iii) consequently, DermTech’s revenue growth would be adversely impacted.
The class action against DermTech further alleges that on August 8, 2022, DermTech announced its second quarter 2022 financial results and revealed that DermTech expected “a lower average selling price (ASP) for [its] DMT,” due to “Medicare billing code edits . . . as well as less favorable collection patterns from commercial payors.” The complaint alleges that on this news DermTech’s stock price fell approximately 34%.
The class action against DermTech also alleges that on November 3, 2022, DermTech announced its third quarter 2022 financial results, reporting that billable sample volume “sequential growth was flat due to headwinds caused by limited commercial payer coverage.” The class action against DermTech alleges that DermTech attributed the disappointing growth to “commercial payer collection challenges [have] affect[ed] estimating ASP [average selling price]” and that, as a result, DermTech expected “at least $13 million in assay revenue for the full-year 2022,” which is “below [its] previous guidance range.” The complaint alleges that on this news DermTech’s stock price fell by nearly 45%.
can a non-u.s. investor serve as a lead plaintiff in the class action against DermTech
Yes, courts in the U.S. have consistently recognized that non-U.S. investors, many of whom have substantial holdings, are adequate lead plaintiffs and have the same right to move for lead plaintiffs as U.S. investors. Thus, if a non-U.S. investor suffered losses in DermTech stock, they may move the Court to be appointed lead plaintiff in the class action against DermTech.
CAN I BE APPOINTED LEAD PLAINTIFF IN THE CLASS ACTION against DERMTECH IF I PURCHASED SHARES OUTSIDE OF THE CLASS PERIOD?
No. Even if you suffered losses in DermTech stock, if you purchased securities outside of the Class period, you will not be able to participate in the class action against DermTech.
WILL THE LEAD PLAINTIFFS GET MORE MONEY THAN CLASS MEMBERS IF THE class action against dermtech settles?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the class action against DermTech. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the class action against DermTech on behalf of investors who suffered losses in DermTech stock.
CONTACT A DERMTECH STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN DERMTECH STOCK about a class action against dermtech
If you suffered losses in DermTech stock, contact DermTech stock loss lawyer Timothy L. Miles today for a free case evaluation about a class action against DermTech. Call today and see what a DermTech stock loss lawyer could do for you if you suffered losses in DermTech stock.
Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, 6Class Action: Class Action: Top National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America's Most Honored Lawyers 2020; Top 1% by America's Most Honored (2020-2022). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or call for free anytime.
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