Continued development of GI-targeted therapeutics differentiated by its DDS platform for localized, topical delivery and proprietary liquid formulations designed to optimize local issue uptake. The case is being handled by the Offices Civil Frauds Unit. You can change your choices at any time by visiting your privacy controls. The NLR does not wish, nor does it intend, to solicit the business of anyone or to refer anyone to an attorney or other professional. 9#(r$r6R C,ArN;d]1m$1?G{(.\J-1kf 0zr`s.J"p#5'MdtjF,0xgko+; Type Public Status Active Founded 2010 HQ 3 0 obj Home. PROGENITY induced physicians to order PROGENITY tests by engaging in three kickback schemes. Telephone and Texting Compliance News: Regulatory Update February 2023. It also revamped executive leadership since the investigations began in 2018, hiring a new chief compliance officer, chief operating officer, chief financial officer, chief commercial officer, and chief information officer. P R O G E N I T Y, I N C . The total draw fees paid to physicians depended on the volume of blood specimens collected, so physicians would receive more money if they ordered more PROGENITY tests. November 17, 2020 07:10 ET A lawsuit filed Wednesday in federal court is seeking millions of dollars in damages from the city of Hollywood, its police, fire and beach safety departments and three individual police officers . ADVANCED! The allegedly undisclosed side effects are related to the drug's injection delivery method. The firm also has a handful of products under development, including precision medicine treatments for gastrointestinal disorders. Alec Baldwin and "Rust" movie productions were named in a negligence lawsuit filed by three former crew members who say they witnessed the on-set shooting death of cinematographer Halyna Hutchins . To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. It has also said it has begun several cost-cutting measures to improve its profitability. NLR does not answer legal questions nor will we refer you to an attorney or other professional if you request such information from us. This strategic transformation is expected to be completed over the next approximately 60 days and will include a reduction in force of approximately 374 employees across Progenity and Avero, or approximately 56% of its total workforce. Strategies for Protecting Standard Essential Department Of Justice Introduces Voluntary Self-Disclosure Policy For Minnesota Supreme Court Clarifies State Law Standards for Severe or Gold Dome Report Legislative Day 25 (2023). Does the Supreme Court have the stomach to tackle the super fun SECs Pay vs. To learn more about KSF, you may visit www.ksfcounsel.com. Under the settlement approved today by U.S. District Judge Loretta A. Preska, PROGENITY will pay $19,449,316 to the United States to resolve the kickback claims and the Medicaid and VA fraudulent billing claims, and also makes extensive admissions regarding the companys conduct. . In light of the impact of this strategic transformation, the company is withdrawing previously announced financial guidance for 2021. Both of these have multiple studies ongoing, having reached the preclinical stage in the third quarter of 2021. The company misrepresented the tests it performed and tried to get doctors to order Progenity tests by paying them excessive fees and providing meals and happy hours for them and their staff. On August 28, 2020, a lawsuit was filed against Progenity, Inc. over alleged Securities Laws Violations. Making sure that victims of federal crimes are treated with compassion, fairness and respect. Reminder: High-Earning Exempt Professionals Must Be Paid a "True Gold Dome Report Legislative Day 24 (2023). These tests. In addition, PROGENITY will pay $16.4 million to resolve similar fraudulent billing claims related to TRICARE and the Federal Employees Health Benefits Program through a separate civil settlement with the United States Attorneys Office for the Southern District of California (USAO SDCA), and has entered into a Non-Prosecution Agreement with that office. Abbott paid kickbacks to physicians and hospitals in the form of patient referrals, patient practice building, free patient marketing service, honoraria for sham speaker programs, rewards in the form of clinical trial opportunities, marketing events and consulting services, free lavish meals, and cocktail parties to induce physicians and hospitals to use the MitraClip device. In the complaint, Abbott is accused of participating in a scheme of kickbacks to doctors and hospitals to boost the use of their MitraClip device used in heart procedures to repair leaks to the mitral valve. Comparison of Three Months Ended September 30, 2021 and June 30, 2021 And PROGENITY had agreements with several physicians that it would not collect any payments from their patients. "3X(|`kA8E{ux;R)R|F. It develops and designs oral biotherapeutics. %PDF-1.4 Cost basis and return based on previous market day close. The Path Forward. If you would ike to contact us via email please click here. Do you know how your landlord is charging for utilities? At the time of its initial public offering in 2020, the biotech company went for $13 a share, and the stock has been highly volatile because it is a retail investor favorite. It is betting that its unique drug delivery system and its multiple applications will grow profits. :K6|0: Your email address will not be published. Those who purchased. San Diego drivers, your car insurance is about to get more expensive. Save my name, email, and website in this browser for the next time I comment. The plaintiff alleges that the Registration Statement that was filed in connection with Progenitys June 2020 initial public offering ("IPO") was negligently prepared and, as a result, contained untrue statements of material fact, omitted material facts necessary to make the statements contained therein not misleading, and failed to make the necessary disclosures required under the rules and regulations governing its preparation. From 2012 through 2018, PROGENITY knowingly provided meals and happy hours to physicians who ordered PROGENITY tests for federal healthcare program beneficiaries, as well to individuals who worked in physicians offices. According to the relator, a single member Delaware LLC whose sole member was employed by Abbott from August 2015 to April 2017 as a Therapy Development Specialist in its Structural Heart Division. The RSS, when used in conjunction with targeted therapeutics, has the potential to enable the development of complementary and companion diagnostics. was known as Fill and Empty the Funnel. Abbotts National Sales Director would carry a large red funnel to sales meetings and repeatedly say fill and empty the funnel to instruct the sales and marketing team how to promote the MitraClip device: the team was to fill the funnel with patients referred by non-implanting physicians who were induced to refer with free meals, cocktail parties, and dinner events and then empty the funnel by inducing implanting physicians with the same tactics to treat the referred patients with the MitraClip device. PROGENITY frequently paid physicians $20 or more for each blood draw. The strategic transformation presented today seeks to significantly reduce our burn rate by eliminating major costs and reducing our cash needs considerably to a normalized rate of $4-5 million per month (before taking into account non-dilutive sources of capital). This settlement agreement is the result of a joint effort and demonstrates the DCISs commitment to work with the USAO-SDNY and its law enforcement partners to investigate and prosecute kickbacks and other fraudulent schemes that impact TRICARE., VA-OIG Special Agent in Charge Christopher Algieri said: VA OIG will vigorously pursue those who engage in unjust kickback and billing schemes, which generate profits at the expense of veterans and taxpayers. Organizing Committee; CPD Schedule; Online CPD; IRR CPD; Carson Light sued KCCI . *Average returns of all recommendations since inception. On February 4, 2021, an amended complaint was filed and on April 5, 2021, the defendants filed their motion to dismiss the case. Proposed Nursing Home Disclosure Requirements Target Private Equity Regulation in the Post-FTX Environment: SECs Proposed Enhanced Can a Child Decide Whom They Want to Live With in Michigan? Progenitys innovation pipeline has the potential to address markets collectively valued at greater than $200 billion. The lawsuit further alleges that PROGENITY provided illegal kickbacks in the form of excessive draw fees to physicians, meals and happy hours for physicians and their staff, and the improper reduction or waiver of patient coinsurance and deductible payments. 4 0 obj Progenity, a San Diego biotechnology company that went public last month, will pay $49 million as part of a settlement for overbilling federal health insurance programs and paying kickbacks to physicians who ordered the companys prenatal genetic tests. The company is progressing towards achieving initial development milestones in the next two quarters. To ensure the most secure and best overall experience on our website, we recommend the latest versions of, https://www.ksfcounsel.com/cases/nasdaqgm-prog/. <> 1 0 obj First, from January 2012 through March 2016, PROGENITY paid draw fees to physicians or physician offices for blood specimens collected for PROGENITY tests. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. PROGENITY knew that many patients did not meet the medical necessity criteria for NIPTs, and that it could circumvent those requirements by billing under the incorrect billing code. Desperate Times, Desperate Measuring Cups FTC Brings Enforcement Trending in Telehealth: February 20 26, 2023, IRS Sets Deadline For Using 401(K) Plan Forfeitures, How Generative AI Generates Legal Issues in the Games Industry, DOJ Announces New Nationwide Voluntary Self-Disclosure Policy. Continued development of its ingestible lab-in-a-capsule technology (PIL Dx), initially focused on small intestinal bacterial overgrowth (SIBO), an estimated $36 billion U.S. market, and Recoverable Sample System (RSS) technologies. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The company said it has stopped the business and billing practices that came under fire, as well as enhanced its internal controls and compliance procedures. Ms. Strauss thanked HHS-OIG, VA-OIG, DCIS, USAO SDCA, and the Medicaid Fraud Control Unit of the New York State Attorney Generals Office for their assistance with the case. If you have information that would assist KSF in its investigation, or have been a long-term holder of Progenity shares and would like to discuss your legal rights, you may, without obligation or cost to you, call toll-free at 1-877-515-1850 or email KSF Managing Partner Lewis Kahn (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgm-prog/ to learn more. Our Office will continue to hold healthcare providers accountable when they engage in fraud and other illegal conduct.. As alleged in the Complaint filed in Manhattan federal court: When submitting claims for payment, healthcare providers use Current Procedural Terminology (CPT) codes to identify the nature of the medical procedure or services rendered. progenity @progenity 10 Nov 2021 Our Q3 earnings call is at 4:30 PM Eastern / 1:30 PM Pacific. PROGENITY has also entered into a Corporate Integrity Agreement (CIA) with HHS-OIG. In total, PROGENITY paid over $1.7 million in draw fees during this period. One example of a management tactic used to get patient referrals for the implanting doctors. A live webcast and archive of the call will be available online on the investor relations section of the company website at www.progenity.com. on behalf of the United States government and several states (including California, Florida, Maryland, New York, Texas, and Virginia) in the ongoing anti-kickback case against Abbott Laboratories. Those numbers were an improvement from the $52,000 in revenue and net loss of $47 million it reported in the same period a year ago, but the company seems to be long way from making a profit. x]Uxyko[M.H'kJ$LJ"'9L^uQa6(/(L!?xTJ2O}/?I$`EmDyoe.5\x!l7v.1x*=t({'M12 4A#lm` n7 5yns ya ANN ARBOR, MI -- A biotechnology company in Ann Arbor announced last week that it will permanently lay off 110 employees on Aug. 6. HHS-OIG Special Agent in Charge Scott J. 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