Chembio Diagnostics, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. 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 April 1, 2020 through June 16, 2020. Investors have until August 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) 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 (ii) 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.
If you acquired Chembio securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.