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    EAR   US2700871096

EARGO, INC.

(EAR)
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SHAREHOLDER INVESTIGATION: Robbins LLP Investigates Eargo, Inc. (EAR) on Behalf of Shareholders

11/12/2021 | 11:34am EST

Shareholder rights law firm Robbins LLP informs investors that it is investigating whether certain Eargo, Inc. (NASDAQ: EAR) officers and directors violated the Securities Exchange Act of 1934. A shareholder filed a class action alleging violations of the Securities Exchange Act of 1934 on behalf of all persons and entities that purchased or otherwise acquired Eargo securities between February 25, 2021 and September 22, 2021. Eargo is a medical device company that produces hearing aids.

Shareholders who purchased Eargo, Inc. (EAR) stock between February 25, 2021 and September 22, 2021, are encouraged to contact Robbins LLP for more information.

Eargo, Inc. (EAR) Allegedly Failed to Disclose it Improperly Sought Reimbursements from Third-Party Payors

According to the complaint, on August 12, 2021, Eargo revealed that claims submitted to the Company's largest third-party payor, which accounted for 80% of Eargo's accounts receivable, had not been paid since March 1, 2021. On this news, the Company's stock fell $8.00, or over 24%, to close at $24.70 per share on August 13, 2021. Then, on September 22, 2021, Eargo revealed "it is the target of a criminal investigation by the U.S. Department of Justice (the 'DOJ') related to insurance reimbursement claims the Company has submitted on behalf of customers covered by federal employee health plans." Moreover, the DOJ is the "principal contact related to the subject matter of the [ongoing] audit" of Eargo by an insurance company that is the Company's largest third-party payor. As a result, Eargo withdrew its full year guidance. On this news, Eargo's shares fell $14.81, or over 68%, to close at $6.86 per share on September 23, 2021.

If you suffered a loss due to Eargo, Inc.'s misconduct, click here.

All representation is on a contingency fee basis. Shareholders pay no fees or expenses.

Contact us to learn more:

Aaron Dumas
(800) 350-6003
adumas@robbinsllp.com
Shareholder Information Form

About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. To be notified if a class action against Eargo, Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today.

Attorney Advertising. Past results do not guarantee a similar outcome.


© Business Wire 2021
All news about EARGO, INC.
01/20Eargo Applauds Proposed Rule for OTC Hearing Aids and Submits Public Comments to FDA
AQ
01/18EARGO, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits..
AQ
01/18Eargo, Inc. Promotes Mark Thorpe to Chief Accounting Officer
CI
01/06Health Care Stocks Ending Near Intra-Day Lows
MT
01/06Eargo Shares Leap as DOJ Criminal Probe No Longer Active
DJ
01/06Eargo Says US Justice Department Halted Criminal Probe; Shares Soar
MT
01/06EARGO, INC. : Other Events (form 8-K)
AQ
01/06NORTH AMERICAN MORNING BRIEFING : Tech Stocks Set -3-
DJ
01/05Eargo Launches Eargo 6 Hearing Aid
MT
01/04Eargo Launches Eargo 6 with Sound Adjust for Effortless Hearing
AQ
More news
Analyst Recommendations on EARGO, INC.
More recommendations
Financials (USD)
Sales 2021 86,6 M - -
Net income 2021 - - -
Net cash 2021 169 M - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 181 M 181 M -
EV / Sales 2021 0,14x
EV / Sales 2022 0,34x
Nbr of Employees 238
Free-Float 86,4%
Chart EARGO, INC.
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Eargo, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends EARGO, INC.
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 3
Last Close Price 4,61 $
Average target price 10,50 $
Spread / Average Target 128%
Managers and Directors
Christian Gormsen President, Chief Executive Officer & Director
Adam Laponis Chief Financial Officer
Joshua Makower Non-Executive Chairman
Daniel Shen Chief Clinical & Science Officer
Fernando Cruz Vice President-Software & Engineering
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