Progyny (PGNY) Crashes After Losing Significant Client - Hagens Berman

/EIN News/ -- SAN FRANCISCO, Sept. 19, 2024 (GLOBE NEWSWIRE) -- Hagens Berman urges Progyny, Inc. (NASDAQ: PGNY) investors who suffered substantial losses to submit your losses now. The firm also encourages persons with knowledge who may assist the investigation to contact its attorneys.

On September 18, 2024, after the market closed, Progyny announced that it “was recently notified by a significant client (the ‘Client’) that the Client has elected to exercise a 90-day option to terminate its services agreement with the Company, effective as of January 1, 2025.” This news sent the price of its shares crashing as much as 43% lower during intraday trading.

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Investigation Into Progyny (PGNY):

Progyny, a benefits management company that specializes in fertility and family building benefits solutions, informed investors that the Client it is scheduled to lose represents approximately 670,000 members as of June 30, 2024 and comprised 12% and 13% of the Company’s revenue for the six months ended June 30, 2024 and the twelve months ended December 31, 2023.

The investigation is focused on the propriety of Progyny’s assurances that “[t]he Client confirmed that they had no issues of concern over the course of its multi-year relationship with the Company, including member satisfaction or quality of service or outcomes[]” and “[t]here have not been any disputes with the Client during the course of service.”

“We are looking into the propriety of Progyny’s assurances and retention rate risk disclosures, and we strongly encourage persons with knowledge who may be able to assist our investigation to contact us,” said Reed Kathrein, the Hagens Berman partner leading the investigation.

If you invested in Progyny and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now »

If you’d like more information and answers to frequently asked questions about the Progyny investigation, read more »

Whistleblowers: Persons with non-public information regarding Progyny 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 PGNY@hbsslaw.com.

About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw. 

Contact:
Reed Kathrein, 844-916-0895