SHAREHOLDER ALERT: The Law Offices of Timothy L. Miles Announces Natera, Inc. Sued for Misleading Shareholders
Purchaser of Natera, Inc. (NASDAQ: NTRA) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934.
Natera, Inc. (NASDAQ:NTRA)
— Timothy L. Miles
NASHVILLE, TENNESSEE, UNITED STATES, May 5, 2022 /EINPresswire.com/ — The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, reminds investors that a purchaser of Natera, Inc. (NASDAQ: NTRA) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934. The Natera class action lawsuit seeks to represent purchasers of Natera, Inc. (NASDAQ: NTRA) securities between February 26, 2020 and April 19, 2022 inclusive (the “Class Period”). Commenced on April 27, 2022 in the Western District of Texas, the Natera class action lawsuit – captioned Schneider v. Natera, Inc., No. 22-cv-00398 (W.D. Tex.) – charges Natera and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses as a result of Natera’s misconduct, click here.
Natera Accused of Misleading Shareholders
Headquartered in Austin, Texas, Natera offers genetic testing in the areas of women’s health, oncology, and organ health. Among other things, Natera produces and markets a non-invasive prenatal test (“NIPT”) called “Panorama,” and a screening test for kidney transplant failure called “Prospera.”
The Natera class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Panorama was not reliable and resulted in high rates of false positives; (ii) Prospera did not have superior precision compared to competing tests; (iii) as a result of defendants’ false and misleading claims about Natera’s technology, Natera was exposed to substantial legal and regulatory risks; (iv) Natera relied upon deceptive sales and billing practices to drive its revenue growth; and (v) therefore, defendants’ statements about Natera’s business, operations, and prospects lacked a reasonable basis.
On January 1, 2022, The New York Times published a detailed report calling into question the accuracy of certain prenatal tests manufactured by Natera and other diagnostic testing companies. Among other things, The New York Times reported that Natera’s positive results for several genetic disorders were incorrect more than 80% of the time. On this news, the price of Natera common stock declined.
Less than two weeks later, on January 14, 2022, the Campaign for Accountability – a nonprofit watchdog group – filed a complaint with the U.S. Securities and Exchange Commission requesting an investigation as to whether “Natera repeatedly claimed – in marketing materials and earnings calls – that [its] tests are much more reliable than it appears they really are.” On this news, the price of Natera common stock further declined by more than 9%, further damaging investors.
Then, on March 9, 2022, Hindenburg Research issued an investigative report alleging, among other things, that “Natera’s revenue growth has been fueled by deceptive sales and billing practices aimed at doctors, insurance companies and expectant mothers.” On this news, the price of Natera common stock suffered a double-digit percentage decline.
Less than a week later, on March 14, 2022, a jury found that Natera had intentionally and willfully misled the public by utilizing false advertisements to market Prospera in violation of the federal Lanham Act, the Delaware Deceptive Trade Practices Act, and Delaware common law. This news resulted in further declines in the price of Natera common stock.
Finally, on April 19, 2022, the United States Food and Drug Administration (“FDA”) issued a safety communication “to educate patients and health care providers and to help reduce the inappropriate use of [NIPTs].” The FDA cautioned that statements about NIPTs’ reliability and accuracy “may not be supported with sound scientific evidence” and revealed the existence of “cases where a screening test reported a genetic abnormality and a confirmatory diagnostic test later found that the fetus was healthy.” On this news, Natera’s share price declined once again.
Lead plaintiff motions for the Innovative Industrial Properties class action lawsuit must be filed with the court no later than June 27, 2022.
Natera Shareholders Urged to Contact the Firm
If you purchased Natera securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click here or contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. 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, 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). Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Email: firstname.lastname@example.org Website: www.classactionlawyertn.com/
SOURCE: The Law Offices of Timothy L. Miles
THE LAW OFFICES OF TIMOTHYY L. MILES; ACCOLADES, HONER AND RECOGNITIONS
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