Organogenesis Holdings Inc. Class Action Lawsuit - ORGO
- Company Name
- Organogenesis Holdings Inc.
- Stock Symbol
- Class Period
- March 17, 2021 to October 11, 2021
- Motion Deadline
- February 8, 2022
- Eastern District of New York
The Organogenesis class action lawsuit seeks to represent purchasers of Organogenesis Holdings Inc. (NASDAQ: ORGO) securities between March 17, 2021 and October 11, 2021, inclusive (the “Class Period”) and charges Organogenesis along with certain of its top executives with violations of the Securities Exchange Act of 1934. The Organogenesis class action lawsuit was commenced on December 10, 2021 in the Eastern District of New York and is captioned Somogyi v. Organogenesis Holdings Inc., No. 21-cv-06845.
If you wish to serve as lead plaintiff of the Organogenesis class action lawsuit, please provide your information by clicking here. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at email@example.com. Lead plaintiff motions for the Organogenesis class action lawsuit must be filed with the court no later than February 8, 2022.
CASE ALLEGATIONS: Organogenesis is a regenerative medicine company that develops, manufactures, and commercializes solutions for the advanced wound care and surgical and sports medicine markets in the United States. Organogenesis’ products include, among others, “Affinity” and “PuraPly XT.”
The Organogenesis class action lawsuit alleges that, throughout the Class Period, defendants made false and misleading statements and failed to disclose that: (i) Organogenesis improperly billed the federal government for its Affinity and PuraPly XT products by, among other things, setting the price for those products multiple times higher than similar products; (ii) Organogenesis improperly induced doctors to use its Affinity and PuraPly XT products through lucrative reimbursements; (iii) as a result, Organogenesis’ revenue and profits derived from its Affinity and PuraPly XT products were at least in substantial part unsustainable; and (iv) thus, Organogenesis’ public statements were materially false and misleading at all relevant times.
On October 12, 2021, an anonymous short report addressing Organogenesis was published on Value Investors Club, an online website where investors share investment ideas. The report alleged, among other issues, that Organogenesis has been improperly billing the federal government for $250 million annually. The report also alleged that Organogenesis had set the price for its new wound covering, Affinity, “exorbitantly high,” which Medicare reimbursed, while making the product lucrative for doctors to use through large rebates, and that Organogenesis employed a similar tactic for its new PuraPly XT product. On this news, Organogenesis’ stock price fell by more than 14%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Organogenesis securities during the Class Period to seek appointment as lead plaintiff in the Organogenesis class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Organogenesis class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Organogenesis class action lawsuit. An investor’s ability to share in any potential future recovery of the Organogenesis class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: With 200 lawyers in 9 offices nationwide, Robbins Geller Rudman & Dowd LLP is the largest U.S. law firm representing investors in securities class actions. Robbins Geller attorneys have obtained many of the largest shareholder recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. The 2020 ISS Securities Class Action Services Top 50 Report ranked Robbins Geller first for recovering $1.6 billion for investors that year, more than double the amount recovered by any other securities plaintiffs’ firm.