Lawsuit filed for Investors in shares of Co-Diagnostics, Inc. (NASDAQ: CODX) over alleged Securities Laws Violations

An investor, who purchased shares of Co-Diagnostics, Inc. (NASDAQ: CODX), filed a lawsuit over alleged violations of Federal Securities Laws by Co-Diagnostics, Inc.

Investors who purchased shares of Co-Diagnostics, Inc. (NASDAQ: CODX) have certain options and for certain investors are short and strict deadlines running. Deadline: October 17, 2022. NASDAQ: CODX investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On April 6, 2020, Co-Diagnostics, Inc. announced that it had received an Emergency Use Authorization for its Logix Smart™ COVID-19 detection test from the 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 ("CLIA") to accept human samples for diagnostics testing throughout the United States.

On August 11, 2022, Co-Diagnostics, Inc. issued a press release and filed a report with the SEC on Form 8-K that disclosed its financial results for the quarter and June 30, 2022, in which 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.

Shares of Co-Diagnostics, Inc. (NASDAQ: CODX) declined to as low as $3.59 per share on August 18, 2022.

The plaintiff claims that between May 12, 2022 and August 11, 2022 , the Defendants repeatedly touted its Logix Smart™ COVID-19 Test, reassuring investors about the demand for the product, that at the same time, the Defendants failed to disclose that demand for its Logix Smart™ COVID-19 Test had plummeted throughout the quarter ended June 30, 2022, and that as a result, Defendants' positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis.

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

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 lawsuits, 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.

This release was published on openPR.