Why Progyny Stock Is Crashing Today
Shares of Progyny (NASDAQ: PGNY) were crashing 30.1% lower as of 11:22 a.m. ET on Thursday. The steep decline came after the fertility benefits provider disclosed in a regulatory filing that it was losing an unnamed major client.
Progyny said that the client "confirmed they had no issues of concern over the course of its multiyear relationship with the Company, including member satisfaction or quality of service or outcomes." It also noted that there have been no disputes with the large client.
The major client's services agreement with Progyny will remain in effect through the rest of 2024. As a result, Progyny doesn't expect any negative impact on its financial results for the current fiscal year.
Source Fool.com
