According to the Complaint, Natera, Inc. offers genetic testing in the areas of women’s health, oncology, and organ health. Among other things, the Company produces and markets Panorama (a NIPT) and Prospera (which screens for kidney transplant failure). The Company’s technology evaluates single nucleotide polymorphisms (“SNPs”), the most common type of genetic variation among people.

The Complaint alleges that, throughout the Class Period, the Defendants misrepresented and/or failed to disclose that: (1) Panorama was not reliable and resulted in high rates of false positives; (2) Prospera did not have superior precision compared to competing tests; (3) as a result of Defendants’ false and misleading claims about Natera’s technology, the company was exposed to substantial legal and regulatory risks; (4) Natera relied upon deceptive sales and billing practices to drive its revenue growth; and (5) as a result of the foregoing, Defendants’ statements about the company’s business, operations, and prospects lacked a reasonable basis.

On July 26, 2022, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on October 7. Defendants filed a Motion to Dismiss the amended Complaint on December 16. On September 11, 2023, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

Lead Plaintiff filed a Motion for Class Certification on June 4, 2024. On March 21, 2025, the Court issued an Order granting the Motion for Class Certification. On May 15, Defendants filed a Notice of Appeal to the United States Court of Appeals for the Fifth Circuit, citing their intention to appeal the District Court's Class Certification Order.