If you suffered losses in DermTech stock, contact DermTech stock loss lawyer Timothy L. Miles about a DermTech class action lawsuit
INTRODUCTION TO THE DERMTECH CLASS ACTION LAWSUIT
The DermTech class action lawsuit has garnered significant attention in the last couple of weeks, as it seeks to represent purchasers or acquirers of DermTech, Inc. (NASDAQ: DMTK) securities between May 3, 2022, and November 3, 2022. This article aims to provide a comprehensive overview of the lawsuit, including the allegations, the lead plaintiff process, the benefits of serving as a lead plaintiff, and more.
Allegations in the DermTech Class Action Lawsuit
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 DermTech class action lawsuit 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 DermTech class action lawsuit 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 DermTech class action lawsuit 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 DermTech class action lawsuit 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 DermTech class action lawsuit alleges that on this news DermTech’s stock price fell by nearly 45%.
Lead Plaintiff Process in the DermTech Class Action Lawsuit
If you have suffered losses in DermTech stock and wish to serve as the lead plaintiff in the DermTech class action lawsuit, it is important to understand the lead plaintiff process. Lead plaintiff motions must be filed with the court no later than December 15, 2023. To initiate this process, you can contact DermTech Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] Alternatively, you can submit a contact form to express your interest in becoming the lead plaintiff.
Can a Non-U.S. Investor Serve as Lead Plaintiff in the DermTech Class Action Lawsuit?
One common question that arises is whether non-U.S. investors can serve as lead plaintiffs in the DermTech class action lawsuit. The answer is yes. Non-U.S. investors who have suffered losses in DermTech stock are eligible to serve as lead plaintiffs, provided they meet the necessary requirements and file a lead plaintiff motion within the specified deadline.
Benefits of Serving as Lead Plaintiff in the DermTech Class Action Lawsuit
Serving as a lead plaintiff in the DermTech class action lawsuit offers several advantages and important benefits. By actively monitoring the class counsel, lead plaintiffs can negotiate more competitive attorney fees and reduce other litigation costs. They also have the opportunity to oversee and monitor the progress of the action, review important filings and documents, and provide feedback on the prosecution of the case. Additionally, lead plaintiffs do not bear any financial risk, as lead counsel advances all costs and expenses incurred in the litigation. Lead plaintiffs also have the opportunity to be involved and active in all negotiations relating to any settlement. Furthermore, lead plaintiffs who continue to own DermTech stock can potentially benefit from governance reform resulting from the litigation.
Can I Be Appointed Lead Plaintiff in the DermTech Class Action Lawsuit if I Purchased Shares Outside of the Class Period?
To be appointed as the lead plaintiff in the DermTech class action lawsuit, it is essential to have purchased shares during the class period. The class period for this lawsuit spans from May 3, 2022, to November 3, 2022. If you purchased shares of DermTech outside this period, you are not be eligible to serve as the lead plaintiff.
Will the Lead Plaintiffs Get More Money than Class Members in the DermTech Class Action Lawsuit?
Lead plaintiffs in the DermTech class action lawsuit are not entitled to receive more money than other class members. According to the Private Securities Litigation Reform Act of 1995, lead plaintiffs are only entitled to their pro rata share of any recovery. They do not receive any additional compensation for serving as representative parties on behalf of the class. However, the court may approve an award of "reasonable costs and expenses (including lost wages)" to lead plaintiffs that directly relate to the representation of the class.
Can I Be Lead Plaintiff in the DermTech Class Action Lawsuit if I am Lead Plaintiff in Another Case?
In most cases, individuals can serve as lead plaintiffs in multiple securities class actions. However, the securities laws prohibit individuals from being lead plaintiffs in more than five securities class actions during any three-year period. Therefore, if you have been a lead plaintiff in five or more securities class actions within the specified timeframe, you may not be eligible to serve as the lead plaintiff in the DermTech class action lawsuit.
Can the Court Appoint More than One Lead Plaintiff in the DermTech Class Action Lawsuit?
n certain circumstances, the court may appoint more than one lead plaintiff in a class action lawsuit. The court considers various factors when determining whether multiple lead plaintiffs are appropriate, including the size and complexity of the case, the interests of the class members, and the ability of the proposed lead plaintiffs to adequately represent the class. Ultimately, the court's goal is to ensure that the interests of the class are effectively represented.
How Was the Class Period Determined in the DermTech Class Action Lawsuit?
The class period in the DermTech class action lawsuit refers to the timeframe during which the alleged misconduct occurred. In this case, the class period spans from May 3, 2022, to November 3, 2022. The class period begins when the company makes an untrue statement of material fact or fails to disclose a material fact necessary to render other statements not misleading. It ends when the truth is revealed to the investing public through a corrective disclosure. To be included in the DermTech class action lawsuit, individuals must have suffered losses in DermTech stock by purchasing during the class period when the stock price was allegedly artificially inflated.
How Can a DermTech Stock Loss Lawyer Help Me if I Suffered Losses in DermTech Stock?
If you have suffered losses in DermTech stock, seeking the assistance of a DermTech stock loss lawyer can be highly beneficial. These lawyers are skilled in the complex laws governing the securities industry and litigation, specifically representing individual investors who have been victims of fraud or have disputes with investment professionals. By consulting with a securities lawyer, you can navigate the legal process and potentially recover your losses. It is crucial to choose a securities lawyer with experience, high ethical standards, verifiable credentials, and a trustworthy reputation. Look for testimonials from previous clients and awards and recognitions to ensure you are working with a competent advocate for your rights.
One name that immediately pops up is nationally known and widely respected Nashville lawyer Timothy L. Miles, who has valuable experience and has received numerous awards, mostly due to his high ethical standards, and hard work ethic, including most recently being named a Top 25 Class action lawyer by the National Trial Lawyers Association, and has maintained an AV rating from Martindale-Hubble since 2014, was named a 2023 Top Rated Litigator and 2023 Top Rated Lawyer by Martindale-Hubble and ALM, and was recently named a 2023 Elite Lawyer of the South by Martindale-Hubble for the fifth year in a row, and was a recipient of Avvo Client’s Choice Award in 2021, in 2022 was featured in the Top 100 Lawyers Magazine and received the Lifetime Achievement Award by Premier Lawyers of America (2019–2021).
This will most likely be the only call you need to make. (855) 846–6529 or [email protected].
How Do I Know if I am a Member of the Class in the DermTech Class Action Lawsuit?
Determining whether you are a member of the class in the DermTech class action lawsuit is relatively straightforward. If you purchased shares of DermTech stock during the class period (May 3, 2022, to November 3, 2022) and suffered losses, you are likely a member of the class. As a member, you have the right to participate in the DermTech class action lawsuit and potentially benefit from any settlement or recovery.
How Much Can I Get Out of the DermTech Class Action Lawsuit if I Suffered Losses in DermTech Stock?
In a securities fraud class action lawsuit like the DermTech case, the plaintiff's damages are typically calculated based on out-of-pocket losses. These losses represent the difference between the price at which the stock was sold and the price at which the stock would have been sold in the absence of any alleged misrepresentations or omissions by the defendant. If you suffered losses in DermTech stock, the amount you can potentially recover will depend on various factors, including the number of shares you owned, the purchase price, and the extent of the alleged wrongdoing.
What if I Miss the Lead Plaintiff Deadline in the DermTech Class Action Lawsuit?
If you missed the lead plaintiff deadline in the DermTech class action lawsuit, you can still be a class member and participate in any potential settlement or recovery. Your ability to recover your losses is not dependent on serving as the lead plaintiff. The sixty-day deadline only applies to those shareholders seeking to be appointed as the lead plaintiff. Therefore, even if you missed the lead plaintiff deadline, you should still keep an eye out for court-ordered notices regarding the settlement, as you may still be eligible to submit a claim.
When Can I Expect to Receive My Payment if the DermTech Class Action Lawsuit Settles?
If a settlement is reached in the DermTech class action lawsuit, the court will issue a notice providing information about the final hearing to decide whether to approve the settlement. This notice will include instructions on how to file a claim and what documentation may be required. Depending on the specific circumstances of the case, settlement payments to participating class members are typically distributed within a few months after the court's final approval. However, if there are objections or appeals, the resolution process may take longer, potentially extending beyond a year.
What Are My Options as a Class Member If I Do Not Think the Settlement in the DermTech Class Action Lawsuit is Fair?
If you receive a notice that the DermTech class action lawsuithas been settled and you believe the settlement is unfair, you have the option to object to the settlement. You can object to any aspect of the settlement, and the court will consider all timely filed objections. The notice you receive will provide instructions on where to send your objection and the deadline for filing it. Additionally, if you wish to be heard by the court, you may attend the final hearing in the DermTech class action lawsuit.
How Much Does it Cost to Hire a DermTech Stock Loss Lawyer if I Suffered Losses in DermTech Stock?
If you suffered losses in DermTech stock and are a member of the class, hiring a DermTech stock loss lawyer should not cost you anything upfront. Securities fraud cases are typically handled on a contingent fee basis, meaning that plaintiffs and the class do not pay attorneys' fees or court costs unless there is a recovery. The attorney fees and costs are awarded by the court as a percentage of the total recovery for the class. Therefore, you can seek legal representation without incurring any out-of-pocket expenses.