Eargo jumps after DOJ confirms closure of criminal investigation

Eargo

06/01/2022 15:22

** Shares of hearing aid maker  EAR.O  rise 87.5% to a near
two-month high of $8.55
    ** Co says DOJ confirmed its criminal investigation related
to insurance reimbursement claims is no longer active 
    ** Eargo was informed in September that it was the target of
an ongoing investigation related to insurance reimbursement
claims co submitted on behalf of its customers covered by
various federal employee health plans under the Federal Employee
Health Benefits program  urn:newsml:reuters.com:*:nL4N2QO3M6
    ** DOJ confirmed the investigation has been referred to the
Civil Division of the DOJ and the U.S. Attorney's Office for the
Northern District of Texas, according to the filing (https://bit.ly/3zwk2bE)
     
    ** As of yesterday's close, co's shares fell ~79% since
disclosing the investigation in September

 (Reporting by Balakumaran V)
 ((balakumaran.vinayagam@thomsonreuters.com))