San Diego, CA -- (SBWIRE) -- 05/16/2023 -- Certain directors of Progyny, Inc. are under investigation on concerning potential breaches of fiduciary duties.

Investors who purchased shares of Progyny, Inc. (NASDAQ: PGNY) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain Progyny, Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.

New York based Progyny, Inc., a benefits management company, specializes in fertility and family building benefits solutions for employers in the United States. On December 7, 2022, market analyst Jehoshaphat Research published a report addressing Progyny, entitled "A Love Child of Accounting Games & Credit Risk" (the "Jehoshaphat Report"). The Jehoshaphat Report alleges that Progyny "is deceiving the investor community via its financial reporting practices" and that Progyny "is actually unprofitable but masks this problem with accounting games." Among other items, the report alleges that Progyny "apparently decided to recently stop accruing allowances for customer cancellations, which . . . may have added up to another ~400bps to both revenues and gross profit margins" and that "credit losses" reported by Progyny "are more like reversals of inflated revenues," citing the Company's "corporate customer base of high quality."

Shares of Progyny, Inc. (NASDAQ: PGNY) declined from $53.08 per share on March 30, 2022, to as low as $29.25 per share on December 07, 2022.

Those who purchased shares of Progyny, Inc. (NASDAQ: PGNY) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Christopher Clausen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.