The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of those who acquired Co-Diagnostics, Inc. (“Co-Diagnostics” or the “Company”) (NASDAQ: CODX) securities during the period from February 25, 2020 through May 15, 2020. Investors have until August 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On February 24, 2020, Co-Diagnostics announced that it had received regulatory clearance to sell its COVID-19 tests in the European Community. Then on April 6, 2020, the Company announced that it had received emergency use authorization for its tests from the U.S. Food and Drug Administration (“FDA”).
On May 14, 2020, news outlets reported that Co-Diagnostics was reticent to participate in U.S.-based testing to verify its accuracy claims, casting doubt on Co-Diagnostics’ claims of 100% accuracy. On this news, shares of Co-Diagnostics fell $1.29, or 5.5%, to close at $22.13 per share on May 14, 2020.
On May 14, 2020, after the markets closed, financial news services began reporting that the FDA announced publicly that no Covid-19 test is 100% accurate, undermining Co-Diagnostics’ claims about its tests’ perfect accuracy. On this news, shares of Co-Diagnostics fell $5.06, or 22.9%, to close at $17.07 per share on May 15, 2020.
If you acquired Co-Diagnostics 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.