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Investigation announced for Long-Term Investors in shares of Co-Diagnostics, Inc. (NASDAQ: CODX)

09-22-2020 08:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of current long term investors in Co-Diagnostics, Inc. (NASDAQ: CODX) shares.

An investigation on behalf of current long term investors in Co-Diagnostics, Inc. (NASDAQ: CODX) shares.

An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Co-Diagnostics, Inc..

Investors who are current long term investors in Co-Diagnostics, Inc. (NASDAQ: CODX) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in NASDAQ: CODX stocks follows a lawsuit filed against Co-Diagnostics, Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ: CODX stocks, concerns whether certain Co-Diagnostics, Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the District of Utah the plaintiff alleges that Co-Diagnostics announced that it had received regulatory clearance to sell its tests in the European Community on February 24, 2020—the first company in the world to receive this clearance and that on April 6, 2020 the company announced that it had received emergency use authorization for its tests from the U.S. Food and Drug Administration. Shares of Co-Diagnostics, Inc. (NASDAQ: CODX) rose to an an all-time high stock price of $29.72 per share on March 14, 2020.

The plaintiff says that throughout this time and thereafter, Co-Diagnostics, its Chief Technology Officer, and its other officers and directors made unequivocal statements to the market that its Covid-19 tests were 100% accurate, while in reality the test are materially less than 100% accurate.

The plaintiff claims that the crash came when Co-Diagnostics began acting evasively about its Covid-19 tests’ true accuracy and regulatory authorities contradicted claims made by Co-Diagnostics about the accuracy of diagnostic tests. Then on May 14, 2020, Co-Diagnostics was set to announce its first quarter earnings after markets closed. Before the markets closed and before the earnings call, however, news outlets reported that Co-Diagnostics was reticent to participate in U.S.-based testing to verify its accuracy claims.

The plaintiff claims that between February 25, 2020 and May 15, 2020, the Defendants made continual, knowing and willful misstatements about their main product, a COVID-19 diagnostic test, to pump up the price of Co-Diagnostics, Inc.'s stock while the officers and directors exercised low priced options and dumped their stock into the market, and that their allegedly fraudulent misstatements, and disregard for the basic scientific principles that make their falsity of their statements clear in retrospect, caused investors to lose millions of dollars.

Those who purchased shares of Co-Diagnostics, Inc. (NASDAQ: CODX) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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