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Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against NeoGenomics, Inc. (NEO)

NEW YORK, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased the securities of NeoGenomics, Inc. (“NeoGenomics” or the “Company”) (NASDAQ: NEO) between February 27, 2020 and April 26, 2022, both dates inclusive (the “Class Period”).

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) it was not a “one-stop-shop” for cancer testing because it did not offer the most technologically advanced NGS tests, which led to a significant decrease in revenue as current and prospective customers went elsewhere for their testing needs; (2) costs were not fixed because the Company needed to hire additional employees to process more complex customized testing demanded by customers utilizing the Company's outdated portfolio of tests, leading to operational challenges, decrease lab efficiency, and increased testing turnaround times; and as a result (3) the Company violated federal healthcare laws and regulations related to fraud, waste, and abuse. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of NeoGenomics should contact the Firm prior to the February 6, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.