The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Chembio Diagnostics, Inc. (NASDAQ: CEMI) securities between April 1, 2020 and June 16, 2020.
According to the Chembio lawsuit, 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.
If you suffered a loss in Chembio you have until August 17, 2020 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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