NEW YORK, July 16, 2020 (GLOBE NEWSWIRE) — Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, is reminding investors that class action lawsuits are pending against Chembio Diagnostics, Inc. (“Chembio” or the “Company”) (NASDAQ: CEMI) and certain of its officers and directors alleging violations of federal securities laws. If you purchased Chembio securities between April 1, 2020 and June 16, 2020, inclusive (the “Class Period”), you are encouraged to contact a Scott+Scott attorney for additional information at (844) 818-6980 or [email protected].
Chembio purports to be a leading point-of-care (“POC”) diagnostics company focused on detecting and diagnosing infectious diseases. The Company claims its patented Dual Path Platform (“DPP”) technology platform, which uses a small drop of blood from the fingertip, provides high-quality, cost-effective results in approximately 15 minutes.
The lawsuits allege that the Company represented that its DPP COVID-19 serological POC test for the detection of IgM and IgG antibodies aided in determining current or past exposure to the COVID-19 virus, that its test provides high sensitivity and specificity, and was 100% accurate.
Based on these representations, during the Class Period Chembio’s stock increased from a closing price of $5.12 per share on March 31, 2020, to a Class Period high of $15.54 per share on April 24, 2020.
Then, on June 16, 2020, after the market closed, the U.S. Food and Drug Administration (“FDA”) issued a press release disclosing that it had revoked Chembio’s Emergency Use Authorization (“EUA”) for the Company’s DPP COVID-19 Igm/IgG System.
On this news, the price of Chembio shares declined from a closing price of $9.93 on June 16, 2020, per share, to $3.89 per share at market close on June 17, 2020, a drop of over 60%.
What You Can Do
If you purchased Chembio securities between April 1, 2020 and June 16, 2020, or if you have questions about this notice or your legal rights, you are encouraged to contact Rhiana Swartz at (844) 818-6980 or [email protected]. The lead plaintiff deadline is August 17, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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CONTACT:
Rhiana Swartz
Scott+Scott Attorneys at Law LLP
230 Park Avenue, 17th Floor, New York, NY 10169-1820
(844) 818-6980
[email protected]
