NEW YORK, NY - 
(NewMediaWire) - September 23, 2021 - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Eargo, Inc. (“Eargo” or the “Company”) (NASDAQ: EAR).
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On September 22, 2021, after market hours, Eargo disclosed that “it is the target of a criminal investigation by the U.S. Department of Justice (the ‘DOJ’) related to insurance reimbursement claims the Company has submitted on behalf of its customers covered by federal employee health plans.” The Company further stated that “[a]s previously disclosed, the Company has been the subject of an ongoing claims audit by an insurance company that is the Company’s largest third-party payor. The Company has been informed by the insurance company that the DOJ is now the principal contact related to the subject matter of the audit.” Finally, the Company announced that it “is withdrawing its financial guidance for the fiscal year ending December 31, 2021.”
On this news, Eargo’s shares fell over 65% during after-hours trading on September 22, 2021 and trading September 23, 2021, damaging investors
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