(MENAFN- GlobeNewsWire - Nasdaq) NEW YORK, July 27, 2020 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Chembio Diagnostics, Inc. (NASDAQ: CEMI) from March 12, 2020 through June 16, 2020, inclusive (the 'Class Period'). The lawsuit seeks to recover damages for Chembio Diagnostics, Inc. investors under the federal securities laws.
To join the class action, go here or call Vik Pawar, Esq. toll-free at 888-589-9804 or email for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: 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.
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.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
-------------------------------
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.