(English) Chembio Diagnostics, Inc.
Join Class Action »
(English) SHAREHOLDER ALERT: Zhang Investor Law Announces a Securities Class Action Lawsuit Against Chembio Diagnostics, Inc. – CEMI
New York, N.Y., July 23, 2020. Zhang Investor Law announces a class action lawsuit on behalf of shareholders who bought shares of Chembio Diagnostics, Inc. (NASDAQ: CEMI) between March 12, 2020 and June 16, 2020, inclusive (the “Class Period”).
To join the CEMI class action, go to http://zhanginvestorlaw.com/cases/chembio-diagnostics-inc/ call Sophie Zhang, Esq. toll-free at 800-991-3756 or email firstname.lastname@example.org for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT.
According to the lawsuit, throughout the Class Period defendants misrepresented that the Company’s Dual Path Platform (“DPP”) COVID-19 serological point-of-care test for the detection of IgM and IgG antibodies aided in determining current or past exposure to the COVID-19 virus, that its test provided high sensitivity and specificity, and that it was 100% accurate. The Complaint further alleges that on May 11, 2020, defendants took advantage of Chembio’s inflated stock price, closing a public offering of approximately 2.6 million shares of Chembio stock at $11.75 per share for gross proceeds of approximately $30.8 million. Then, on June 16, 2020, after the market closed, the U.S. Food and Drug Administration issued a press release disclosing that it had revoked the Company’s Emergency Use Authorization for the Company’s DPP COVID-19 Igm/IgG System “due to performance concerns with the accuracy of the test” and because “data submitted by Chembio as well as an independent evaluation of the Chembio test at NCI showed that this test generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device.” The complaint alleges, as a result of disclosure by the FDA letter Chembio shares declined precipitously.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 17, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://zhanginvestorlaw.com/cases/chembio-diagnostics-inc/ or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. of Zhang Investor Law toll free at 800-991-3756 or via e-mail at email@example.com.
Zhang Investor Law represents investors worldwide.