Then, on September 22, 2021, Eargo reported that the U.S. Department of Justice ("DOJ") was conducting a criminal investigation into the company regarding Eargo's insurance reimbursement claims that it submits on behalf of its customers when they purchase the company's connected hearing aids. Eargo also stated that in light of the investigation by the DOJ, the company would be withdrawing its financial guidance for the fiscal year ending December 31, 2021. Following this news, Eargo's stock plunged, and on September 23, 2021, the stock closed at $6.86 per share, falling by as much as 65%.