We are investigating Progenity, Inc. (PROG) (“Progenity” or the “Company”) for potential violations of the federal securities laws. On or around June 19, 2020, Progenity conducted its initial public offering (“IPO”), selling 6.8 million shares priced at $15.00 per share. Then, on August 13, 2020, Progenity issued a press release announcing the Company’s financial results for the second quarter of 2020. Among other results, Progenity announced revenue of $17.27 million for the quarter, which missed consensus estimates by approximately $8.92 million. Progenity advised investors that “second quarter revenues reflected a $10.3 million accrual for refunds to government payors” in connection with a settlement with the U.S. Department of Justice and participating states to resolve claims that Progenity had fraudulently billed federal healthcare programs for prenatal tests and provided kickbacks to physicians to induce to them to order Progenity tests for their patients. On this news, Progenity’s stock price fell $1.24 per share, or 13.85%, to close at $7.71 per share on August 14, 2020.