|Company name||Co-Diagnostics, Inc.|
|Status||Class Action Complaint Filed|
NEW YORK, July 29, 2020 – 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.
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 or otherwise acquired 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 Marion Passmore or Melissa Fortunato by email at firstname.lastname@example.org, telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.