NEW YORK--(BUSINESS WIRE)--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Chembio Diagnostics, Inc. ("Chembio" or "the Company") (NASDAQ: CEMI) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Chembio securities between April 1, 2020 and June 16, 2020, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/cemi.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
In April 2020, Chembio’s Dual Path Platform (“DPP”) COVID-19 antibody test was among the first such tests to be granted Emergency Use Authorization (“EUA”) by the U.S. Food and Drug Administration (“FDA”). Then, on June 17, 2020, pre-market, news outlets reported that the FDA had revoked the EUA for Chembio’s DPP antibody test, reportedly citing performance concerns with the test’s accuracy, a determination that its “benefits no longer outweigh its risks”, and “a higher than expected rate of false results.” On this news, Chembio’s stock price fell $6.04 per share, or 60.83%, to close at $3.89 per share June 17, 2020.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/cemi or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Chembio you have until August 17, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.