EARGO SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Eargo, Inc. - EAR

NEW ORLEANS, Nov. 3, 2021 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until December 6, 2021 to file lead plaintiff applications in a securities class action lawsuit against Eargo, Inc. (NasdaqGS: EAR), if they purchased the Company's securities between February 25, 2021 and September 22, 2021, inclusive (the "Class Period").  This action is pending in the United States District Court for the Northern District of California.

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Eargo investors should visit us at https://claimsfiler.com/cases/nasdaq-ear/ or call toll-free (844) 367-9658.  Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Eargo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On August 12, 2021, post-market, the Company disclosed that the Company's largest third-party payer, which accounted for 80% of its accounts receivables and was "basically administrating on behalf of the federal government," had not paid on submitted claims since March 1, 2021.  On this news, the Company's share price fell $8.00, or over 24%, to close at $24.70 per share on August 13, 2021, on unusually heavy trading volume.

Then, on September 22, 2021, post-market, the Company disclosed that "it is the target of a criminal investigation by the U.S. Department of Justice related to insurance reimbursement claims the Company has submitted on behalf of customers covered by federal employee health plans," and as a result was withdrawing its financial guidance for the fiscal year ending Dec. 31.

On this news, the Company's share price plummeted $14.81, or over 68%, to close at $6.86 per share on September 23, 2021, on unusually heavy trading volume.

The case is Fazio v. Eargo, Inc., et al., 21-cv-7848.

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