LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investor rights law firm, today announced that it has commenced an investigation on behalf of Chembio Diagnostics, Inc. ("Chembio" or the "Company") (NASDAQ: CEMI) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Chembio investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/chembio-diagnostics-inc/.You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
In April 2020, the Company’s COVID-19 antibody test was one of the first to be granted Emergency Use Authorization (“EUA”) by the U.S. Food and Drug Administration (“FDA”).
Then, on June 17, 2020, before the market opened, the FDA revoked the EUA for Chembio’s Dual Path Platform COVID-19 serology test due to concerns regarding the test’s accuracy. Specifically, the FDA found that the “benefits no longer outweigh its risks” and that “it is not reasonable to believe that the test may be effective” because it “generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device.”
On this news, the Company’s share price fell $6.04, or nearly 60%, to close at $3.89 per share on June 17, 2020.
Whistleblower Notice: Persons with non-public information regarding Chembio should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email firstname.lastname@example.org.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.