Eargo Stock (EAR): Why The Price Surged Today

By Amit Chowdhry ● Jan 6, 2022
  • The stock price of Eargo Inc (NASDAQ: EAR) increased by 59.65% today. This is why it happened.

The stock price of Eargo Inc (NASDAQ: EAR) increased by 59.65% today. Investors are responding positively to a Form 8-K filing from the company.

In the filing, the company said that as previously disclosed on September 21, 2021, the company was informed that it was the target of an ongoing criminal investigation by the U.S. Department of Justice (DOJ) related to insurance reimbursement claims the company submitted on behalf of its customers covered by various federal employee health plans under the Federal Employee Health Benefits program.

But on January 4, 2022, the DOJ confirmed to the company that 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Division of the DOJ and the U.S. Attorney’s Office for the Northern District of Texas and the criminal investigation is no longer active. Eargo added is continuing to cooperate with the investigation.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.