Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Chembio Diagnostics, Inc. (CEMI)
Glancy Prongay & Murray LLP ("GPM") reminds investors of the upcoming August 17, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of Chembio Diagnostics, Inc. ("Chembio" or the "Company") (NASDAQ: CEMI) common stock between March 12, 2020 and June 16, 2020, inclusive (the "Class Period").
If you suffered a loss on your Chembio investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/chembio-diagnostics-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org> to learn more about your rights.
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 during the Class Period, you may move the Court no later than August 17, 2020 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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