INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Chembio Diagnostics, Inc. (CEMI) Investors

BENSALEM, Pa.--()--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Chembio Diagnostics, Inc. ("Chembio" or the "Company") (NASDAQ: CEMI) common stock between April 1, 2020 and June 16, 2020, inclusive (the “Class Period”). Chembio investors have until August 17, 2020 to file a lead plaintiff motion.

Investors suffering losses on their Chembio investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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.

If you purchased Chembio common stock, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Release Summary

INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Chembio Diagnostics, Inc. Investors

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Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com