NEW YORK, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against Progyny, Inc. (“Progyny” or the “Company”) (NASDAQ: PGNY) on behalf of Progyny stockholders. Our investigation concerns whether Progyny has violated the federal securities laws and/or engaged in other unlawful business practices.
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On December 7, 2022, Jehoshaphat Research published a short report addressing Progyny, entitled “A Love Child of Accounting Games & Credit Risk” (the “Jehoshaphat Report”). The Jehoshaphat Report alleges that Progyny “is deceiving the investor community via its financial reporting practices” and that Progyny “is actually unprofitable but masks this problem with accounting games.” Among other items, the report alleges that Progyny “apparently decided to recently stop accruing allowances for customer cancellations, which . . . may have added up to another ~400bps to both revenues and gross profit margins” and that “credit losses” reported by Progyny “are more like reversals of inflated revenues,” citing the Company’s “corporate customer base of high quality.”
On this news, Progyny’s stock price fell sharply during intraday trading on December 7, 2022.
If you purchased or otherwise acquired Progyny shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. 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.
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.