NEW YORK, June 24, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Chembio Diagnostics, Inc. ("Chembio" or the "Company") (NASDAQ: CEMI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Chembio and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In April 2020, Chembio's Dual Path Platform ("DPP") COVID-19 antibody test was among the first such tests to be granted Emergency Use Authorization ("EUA") by the U.S. Food and Drug Administration ("FDA"). Then, on June 17, 2020, pre-market, news outlets reported that the FDA had revoked the EUA for Chembio's DPP antibody test, reportedly citing performance concerns with the test's accuracy, a determination that its "benefits no longer outweigh its risks", and "a higher than expected rate of false results."
On this news, Chembio's stock price fell $6.04 per share, or 60.83%, to close at $3.89 per share on June 17, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP