Progyny, Inc. (PGNY)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims against Progyny, Inc. (“Progyny” or the “Company”) (NASDAQ: PGNY). Investors who purchased Progyny securities are encouraged to obtain additional information and assist the investigation.
The investigation concerns whether Progyny violated federal securities laws.
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 are aware of any facts relating to this investigation or purchased Progyny securities, you can assist with this investigation. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.