Bragar Eagel & Squire, P.C. Is Investigating CareDx, Medallion, Corcept, and RBB and Encourages Investors to Contact the Firm
News provided byBragar Eagel & Squire
May 22, 2022, 9:00 PM ET
NEW YORK, May 22, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against CareDx, Inc. (NASDAQ: CDNA), Medallion Financial Corp. (NASDAQ: MFIN), Corcept Therapeutics, Inc. (NASDAQ: CORT), and RBB Bancorp (NASDAQ: RBB). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
CareDx, Inc. (NASDAQ: CDNA)
On January 25, 2021, the Company sold 1,923,077 shares of its common stock through an underwritten public offering at a public offering price of $91.00 per share.
On October 28, 2021, after the market closed, CareDx released Q3 2021 financial results in which the Company disclosed that the U.S. Department of Justice (“DOJ”) had recently served a civil investigatory demand requesting documents in connection with a False Claims Act investigation. The DOJ is investigating business practices related to CareDx’s kidney testing and phlebotomy services. The Company also disclosed that it received a subpoena from the U.S. Securities and Exchange Commission (“SEC”) for similar issues as well as certain accounting and public reporting practices, and the Company received an information request from an unnamed state agency.
On this news, the Company’s share price declined by $19.34 per share, or approximately 27.5%, from $70.34 per share to close at $51.00 per share on October 29, 2021.
For more information on the CareDx investigation go to: https://bespc.com/cases/CDNA
Medallion Financial Corp. (NASDAQ: MFIN)
On December 29, 2021, the SEC charged Medallion and its President and Chief Operating Officer, Andrew Murstein, “with illegally engaging in two schemes in an effort to reverse the company’s plummeting stock price.” Specifically, the two had “engaged in illegal touting by paying Ichabod’s Cranium and others to place positive stories about the company on various websites, including Huffington Post, Seeking Alpha, and TheStreet.com.”
On this news, Medallion’s stock fell up to 27% during intraday trading on December 29, 2021, thereby injuring investors.
For more information on the Medallion investigation go to: https://bespc.com/cases/MFIN
Corcept Therapeutics, Inc. (NASDAQ: CORT)
On December 8, 2021, Corcept disclosed in a filing with the U.S. Securities and Exchange Commission that “[o]n November 15, 2021, the Company received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey (the ‘NJ USAO’) pursuant to Section 248 of the Health Insurance Portability and Accountability Act of 1996 (HIPAA) seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with and payments to health care professionals who can prescribe or recommend Korlym and prior authorizations and reimbursement for Korlym.” Corcept further disclosed that “[t]he NJ USAO has informed Corcept that it is investigating whether any criminal or civil violations by Corcept occurred in connection with the matters referenced in the subpoena.”
On this news, Corcept’s stock price fell $3.71 per share, or 16.91%, to close at $18.23 per share on December 8, 2021.
For more information on the Corcept investigation go to: https://bespc.com/cases/CORT
RBB Bancorp (NASDAQ: RBB)
On February 18, 2022, RBB Bancorp announced the abrupt departure of Tammy Song, the EVP and Chief Lending Officer of RBB Bancorp’s wholly owned subsidiary Royal Business Bank.
Four days later, on February 22, 2022, RBB Bancorp announced its President and CEO (Alan Thian) would take a leave of absence, effective immediately, pending an internal investigation being conducted by a special committee of the Company’s board of directors.
On this news, RBB Bancorp’s stock price declined by $2.69 per share, or approximately 10.45%, from $25.75 to $23.06 over two trading days.
For more information on the RBB Bancorp investigation go to: https://bespc.com/cases/RBB
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.