NEW YORK, June 24, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors Co-Diagnostics, Inc. ("Co-Diagnostics" or the "Company") (NASDAQ: CODX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Co-Diagnostics and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 14, 2020, The Salt Lake Tribune reported that TestUtah.com, which used tests developed by Co-Diagnostics, "declined to join other major Utah labs in a joint experiment to confirm one another's quality." The Salt Lake Tribune further reported that Co-Diagnostics' tests "have a higher 'limit of detection'—that is, they require more of the virus to trigger a positive result—than most other coronavirus tests approved for sale in the U.S., according to an analysis by the life sciences publication BioCentury." Accordingly, Co-Diagnostics tests were likely to have a higher false negative reporting rate, meaning that potentially thousands of infected people were inaccurately told that they did not have the disease. The article also reported concerns related to TestNebraska.com and TestIowa.com, other testing services that also used Co-Diagnostics tests.
On this news, Co-Diagnostics' stock price fell $5.06 per share, or 22.86%, to close at $17.07 per share on May 15, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP