NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, announces that a class action lawsuit has been filed in the United States District Court for the District of Utah on behalf of investors that purchased Co-Diagnostics, Inc. (NASDAQ: CODX) securities between February 25, 2020 and May 15, 2020 (the “Class Period”). Investors have until August 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
Co-Diagnostics announced that it had received regulatory clearance to sell its Covid-19 tests in the European Community on February 24, 2020—the first company in the world to receive this clearance. 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”).
Throughout this time and thereafter, Co-Diagnostics, its Chief Technology Officer, and its other officers and directors made unequivocal statements to the market that its COVID-19 tests were 100% accurate—a staggering claim that appeared to set Co-Diagnostics apart from other competitors developing COVID-19 tests.
However, on May 14, 2020, after Co-Diagnostics maintained its statements about the success of its test in its first quarter 2020 results, public reports began circulating questioning Co-Diagnostics’ claims of 100% accuracy because the Company was reluctant to participate in U.S.-based testing to verify its claims. Later that evening, the FDA announced publicly that no COVID-19 test is 100% accurate.
On this news, the stock declined 42% from a high of $29.72 per share on May 14, 2020, to close at $17.07 per share on May 15, 2020.
If you purchased Co-Diagnostics securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.