PHILADELPHIA, PA / ACCESSWIRE / August 17, 2022 / Berger Montague is investigating securities fraud allegations on behalf of investors who purchased the securities Co-Diagnostics, Inc. ("Co-Diagnostics" or the "Company") (NASDAQ:CODX) between May 12, 2022 and August 11, 2022 (the "Class Period").
If you purchased the securities of Co-Diagnostics during the Class Period, would like to discuss Berger Montague's investigation, or have questions concerning your rights or interests, please contact attorneys Andrew Abramowitz at [email protected] or (215) 875-3015, or Michael Dell'Angelo at [email protected] or (215) 875-3080 or visit: https://investigations.bergermontague.com/co-diagnostics-inc/
Whistleblowers: Anyone with non-public information regarding Co-Diagnostics is encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
According to a recently filed lawsuit, on April 6, 2020, Co-Diagnostics announced that it had received an Emergency Use Authorization for its Logix Smart™ COVID-19 detection test from the FDA. The suit alleges that during the Class Period, Defendants repeatedly touted its Logix Smart™ COVID-19 Test, reassuring investors about the demand for the product. At the same time, Defendants failed to disclose that: (1) demand for its Logix Smart™ COVID-19 Test had plummeted throughout the quarter ended June 30, 2022, and (2) as a result, Defendants' positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis.
On August 11, 2022, the Company shocked investors when, in connection with its financial results for the quarter and June 30, 2022, the Company disclosed revenue of $5.0 million for the quarter ended June 30, 2022, down from $27.4 million during the prior year period - a decline of almost 82%. The Company primarily attributed the decrease to lower demand of the Logix Smart™ COVID-19 Test.
On this news, the price of Co-Diagnostics' stock declined $1.98, or 30.65%, from a closing price of $6.46 per share on August 11, 2022, to close at $4.48 per share on August 12, 2022.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Andrew Abramowitz, Senior Counsel
Michael Dell'Angelo, Executive Shareholder
SOURCE: Berger Montague