Co-Diagnostics Inc. Class Action Lawsuit - CODX
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The Co-Diagnostics class action lawsuit seeks to represent purchasers of Co-Diagnostics, Inc. (NASDAQ: CODX) publicly traded securities between May 12, 2022 and the close of the market on August 11, 2022 (4:00 p.m. ET), inclusive (the “Class Period”). The Co-Diagnostics class action lawsuit – captioned Stadium Capital LLC v. Co-Diagnostics, Inc., No. 22-cv-06978 (S.D.N.Y.) – charges Co-Diagnostics and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Co-Diagnostics class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Co-Diagnostics class action lawsuit must be filed with the court no later than October 17, 2022.
CASE ALLEGATIONS: 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 U.S. Food and Drug Administration, allowing it to commence sales of the test to laboratories certified by the Center for Medicare and Medicaid Services under the Clinical Laboratories Improvements Act to accept human samples for diagnostics testing throughout the United States.
The Co-Diagnostics class action lawsuit alleges that defendants failed to disclose that: (i) demand for its Logix Smart™ COVID-19 test had plummeted throughout the quarter ended June 30, 2022, and (ii) as a result, defendants’ positive statements about the demand for its Logix Smart™ COVID-19 test lacked a reasonable basis.
On August 11, 2022, Co-Diagnostics disclosed its financial results for the quarter ended June 30, 2022, in which Co-Diagnostics revealed 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%. Co-Diagnostics primarily attributed the decrease to lower demand of the Logix Smart™ COVID-19 test. On this news, the price of Co-Diagnostics common stock declined by more than 30%, damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Co-Diagnostics publicly traded securities during the Class Period to seek appointment as lead plaintiff. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Co-Diagnostics class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Co-Diagnostics class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Co-Diagnostics class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.