The Gross Law Firm Announces Class Actions on Behalf of Shareholders of USO, CODX and VEL
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The Gross Law Firm Announces Class Actions on Behalf of Shareholders of USO, CODX and VEL

Monday, August 10, 2020 11:30 AM
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Lawsuits

NEW YORK, NY / ACCESSWIRE / August 10, 2020 / The securities litigation law firm of The Gross Law Firm issues the following notice on behalf of shareholders in the following publicly traded companies. Shareholders who purchased shares in the following companies during the dates listed are encouraged to contact the firm regarding possible Lead Plaintiff appointment. Appointment as Lead Plaintiff is not required to partake in any recovery.

United States Oil Fund, LP (NYSE:USO)

The Lawsuit is on behalf of shareholders of United States Oil Fund, LP who purchased shares between March 19, 2020 and April 28, 2020 and/or pursuant or otherwise traceable to the Fund's March 19, 2020 registration statement.

A class action has commenced on behalf of certain shareholders in United States Oil Fund, LP. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) unbeknownst to investors, extraordinary market conditions in early 2020 made USO's purported investment objective and strategy unfeasible; (2) as excess oil supply increased and oil prices plummeted, the facilities available for storage in Cushing approached capacity, causing a "super contango" in which the futures prices for oil substantially exceeded the spot price; (3) instead of revealing the known impacts and risks to the Fund, USO held an offering of billions of dollars of USO shares in March 2020; and (4) as a result USO suffered billions of dollars in losses and was forced to abandon its investment strategy.

Shareholders may find more information at https://securitiesclasslaw.com/securities/united-states-oil-fund-lp-loss-submission-form/?id=8457&from=1

Co-Diagnostics, Inc. (NASDAQ:CODX)

Investors Affected : February 25, 2020 - May 15, 2020

A class action has commenced on behalf of certain shareholders in Co-Diagnostics, Inc. According to the filed complaint, Co-Diagnostics and its directors and officers (including PhD-level scientists who should know better) made continual, knowing, and willful misstatements about the Company's main product, a Covid-19 diagnostic test. These misstatements had the effect of pumping up the price of Co-Diagnostics' stock while Company officers and directors exercised low-priced options and dumped their stock into the market. Co-Diagnostics' fraudulent misstatements displayed a disregard for basic scientific principles and caused investors to lose millions of dollars.

Shareholders may find more information at https://securitiesclasslaw.com/securities/co-diagnostics-inc-loss-submission-form/?id=8457&from=1

Velocity Financial, Inc. (NYSE:VEL)

This lawsuit is on behalf of investors who purchased VEL stocks pursuant and/or traceable to the Registration Statement and Prospectus, as amended, issued in connection with Velocity's January 2020 initial public offering.

A class action has commenced on behalf of certain shareholders in Velocity Financial, Inc. According to the filed complaint, defendants failed to disclose that, at the time of Velocity's initial public offering (the "IPO"), the Company's non-performing loans had dramatically increased in size from the figures provided in the Registration Statement and Prospectus that Velocity had issued in connection with the IPO. Further, defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO. The failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Registration Statement and Prospectus regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.

Shareholders may find more information at https://securitiesclasslaw.com/securities/velocity-financial-inc-loss-submission-form/?id=8457&from=1

The Gross Law Firm is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company's stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: [email protected]
Phone: (212) 537-9430
Fax: (833) 862-7770

SOURCE: The Gross Law Firm

The Gross Law Firm
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