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ROSEN, A LONGSTANDING AND TOP RANKED GLOBAL INVESTOR FIRM, Announces Filing of Securities Class Action Lawsuit Against Chembio Diagnostics, Inc.; Encourages Investors with Losses in Excess of $100K to Contact the Firm – CEMI

2020-06-30 18:22 ET - News Release

NEW YORK, June 30, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Chembio Diagnostics, Inc. (NASDAQ: CEMI) between March 12, 2020 and June 16, 2020, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Chembio investors under the federal securities laws.

To join the Chembio class action, go to http://www.rosenlegal.com/cases-register-1883.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

The complaint alleges that defendants misrepresented that the Company’s Dual Path Platform (“DPP”) COVID-19 serological point-of-care test for the detection of IgM and IgG antibodies aided in determining current or past exposure to the COVID-19 virus, that its test provided high sensitivity and specificity, and that it was 100% accurate. The Complaint further alleges that on May 11, 2020, defendants took advantage of Chembio’s inflated stock price, closing a public offering of approximately 2.6 million shares of Chembio stock at $11.75 per share for gross proceeds of approximately $30.8 million. Then, on June 16, 2020, after the market closed, the U.S. Food and Drug Administration issued a press release disclosing that it had revoked the Company’s Emergency Use Authorization 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.” The complaint alleges, as a result of disclosure by the FDA letter Chembio shares declined precipitously.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 17, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1883.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
cases@rosenlegal.com
www.rosenlegal.com

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