New York, New York--(Newsfile Corp. - June 30, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Chembio Diagnostics, Inc. (NASDAQ: CEMI) alleging that the Company violated federal securities laws.
Class Period: March 12, 2020 and June 16, 2020
Lead Plaintiff Deadline: August 17, 2020
Learn more about your recoverable losses in DNK:
According to the filed complaint, defendants engaged in a scheme to deceive the market and a course of conduct that artificially inflated Chembio's stock price and operated as a fraud or deceit by misrepresenting the efficacy of the Company's Dual Path Platform ("DPP") COVID-19 test. Defendants allegedly achieved this by making false statements about Chembio's DPP COVID-19 test, although they knew or at least recklessly disregarded that there were material performance concerns with the test. When defendants' prior misrepresentations were disclosed and became apparent to the market, the price of Chembio stock fell precipitously as the prior artificial inflation came out of Chembio's stock price.
Shareholders have until August 17, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
For additional information about the CEMI lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
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