BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming August 17, 2020 deadline to file a lead plaintiff motion in the class action 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”).
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 firstname.lastname@example.org.
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 or otherwise acquired Chembio common stock, you may move the Court no later than August 17, 2020, to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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