SAN FRANCISCO, Jan. 03, 2022 (GLOBE NEWSWIRE) — Hagens Berman urges Organogenesis Holdings Inc. (NASDAQ: ORGO) investors with significant losses to submit your losses now.
Organogenesis Holdings Inc. (ORGO) Securities Class Action:
The complaint alleges that Defendants misrepresented and omitted material facts concerning principal growth drivers for Organogenesis’ key wound treatment products Affinity and “PuraPly XT.”
Specifically, Defendants concealed 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) the Company improperly induced doctors to use its Affinity and PuraPly XT products through lucrative reimbursements; (iii) as a result of all the foregoing, the Company’s revenue and profits derived from its Affinity and PuraPly XT products were at least in substantial part unsustainable; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
The truth emerged on Oct. 12, 2021, when a contributor to Value Investors Club reportedly alleged Organogenesis has improperly billed the federal government by about $250 million per year, set an exorbitantly high price for Affinity that Medicare reimbursed, and paid large rebates to doctors who use Affinity.
On this news, Organogenesis’ stock price fell $1.70 per share, or nearly 15%, injuring investors
“We’re focused on investors’ losses and proving Organogenesis bilked the federal government,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Organogenesis and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Organogenesis should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ORGO@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers, and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895