NEW YORK, June 24, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of those who acquired Chembio Diagnostics, Inc. (“Chembio” or the “Company”) (NASDAQ: CEMI) securities during the period from March 12, 2020 through June 16, 2020.
All investors who purchased shares of Chembio Diagnostics, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Chembio Diagnostics, Inc., you may, no later than August 17, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Chembio Diagnostics, Inc.
The filed complaint alleges that the Company failed to disclose that:
- the Company’s Dual Path Platform (“DPP”) COVID-19 test did not provide high-quality results and there were material performance concerns with the accuracy of the test such that it was not reasonable to believe that the test may be effective in detecting antibodies against SARS-CoV-2; and
- as a result, there was a material risk to public health from the false test results.
On June 16, 2020, the U.S. Food and Drug Administration (“FDA”) issued a press release disclosing that it had revoked the Company’s Emergency Use Authorization (“EUA”) for the Company’s DPP COVID-19 Igm/IgG System.
On this news, Chembio shares fell $6.04, or 60.8%, to close at $3.89 per share on June 17, 2020.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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