The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of those who acquired Co-Diagnostics, Inc. ("Co-Diagnostics" or the "Company") (NASDAQ: CODX) securities during the period from February 25, 2020 through May 15, 2020. Investors have until August 17, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company made materially misleading statements 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.
On May 14, 2020, news outlets reported that Co-Diagnostics was reticent to participate in U.S.-based testing to verify its accuracy claims, casting doubt on Co-Diagnostics’ claims of 100% accuracy. On this news, shares of Co-Diagnostics fell $1.29, or 5.5%, to close at $22.13 per share on May 14, 2020.
On May 14, 2020, after the markets closed, financial news services began reporting that the U.S. Food and Drug Administration announced publicly that no Covid-19 test is 100% accurate, undermining Co-Diagnostics’ claims about its tests’ perfect accuracy. On this news, shares of Co-Diagnostics fell $5.06, or 22.9%, to close at $17.07 per share on May 15, 2020.
If you acquired Co-Diagnostics securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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