PHILADELPHIA, July 18, 2020 /PRNewswire/ -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Chembio Diagnostics, Inc. ("Chembio") (NASDAQ:CEMI) on behalf of investors who purchased shares of Chembio's common stock between April 1, 2020 and June 16, 2020, inclusive (the "Class Period").
Chembio investors who suffered investment losses in excess of $100,000 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or online at http://kaskelalaw.com/case/chembio-diagnostics-inc/, for additional information about this action and their legal rights and options.
As detailed in the complaint, on June 16, 2020, the U.S. Food and Drug Administration (FDA) issued a press release disclosing that it had revoked Chembio's Emergency Use Authorization (EUA) for the Company's DPP COVID-19 Igm/IgG System "due to performance concerns with the accuracy of the test," and because "data submitted by Chembio as well as an independent evaluation of the Chembio test at NCI showed that this test generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device." Following this news, shares of the Company's stock fell $6.04 per share, or over 60% in value, to close on June 17, 2020 at $3.89 per share.
IMPORTANT DEADLINE: Investors who purchased Chembio's common stock during the Class Period may, no later than August 17, 2020, seek to be appointed as a lead plaintiff representative in the action.
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC