#United States #San Diego #securities litigation #Biora Therapeutics #Progenity

Class Action Settlement Update for Biora Therapeutics Investors

The legal landscape for investors in Biora Therapeutics, formerly known as Progenity, has taken a significant turn as the United States District Court for the Southern District of California recently approved a proposed class action settlement. This approval is aimed at benefiting those who purchased the company's common stock between June 18, 2020, and December 2, 2020.

Background on the Litigation

The class action lawsuit stems from allegations of securities fraud against Progenity, Inc., specifically related to its initial public offering (IPO) registration. Investors who bought shares during this period may have faced damages, which led to the formation of a settlement class. The settlement, if approved, will see $1,000,000 allocated to claims made by the affected purchasers, creating a potential relief fund for these investors.

Important Details of the Proposed Settlement

The settlement aims to resolve all claims associated with the action, with a hearing scheduled on February 23, 2026, at 10:00 AM PST. During this hearing, Judge Ruth Bermudez Montenegro will evaluate the fairness of the settlement, including:
1. Determining if the proposed settlement is fair, adequate, and reasonable.
2. Approving the plan for distributing settlement funds to qualified members of the settlement class.
3. Considering the application for attorney's fees and reimbursement of legal expenses, which will be presented for approval as part of the settlement process.

As a member of the settlement class, it is crucial for investors to be aware of their rights and the steps they need to take. Copies of the notice detailing the settlement terms and processes may be acquired through the Claims Administrator, along with instructions for filing a claim or opting out of the settlement.

Claim Submission and Exclusion Process

To receive compensation from the settlement fund, members of the settlement class must submit a Claim Form by February 3, 2026. A failure to do so will result in ineligibility for any claim payments; however, individuals will still be bound by the court's decision regarding the lawsuit.

Should an investor wish to exclude themselves from the settlement class, they must submit a formal request by the same deadline. With this, they can avoid being bound by the court's determination while forgoing the opportunity to claim any payout from the settlement fund.

Final Notes for Investors

For those investors impacted by the Progenity case and seeking to navigate this settlement process, it's important not to contact the court directly. Instead, queries regarding eligibility and submission should be directed to lead counsel or the Claims Administrator for further guidance.

As with any legal matter involving investment securities, it is recommended that affected investors act promptly and stay informed about the necessary steps to protect their rights in this critical settlement period. Keep an eye on the hearing date and ensure that all necessary forms are submitted in accordance with the given deadlines.

This proposed settlement could provide valuable recourse for those affected by the allegations surrounding Progenity's initial stock offering, potentially mitigating the financial impact that many shareholders may have faced.