| COMPANY |
Chembio Diagnostics, Inc. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
20-cv-02706 |
| JUDGE |
The Honorable Allyne R. Ross |
| CLASS PERIOD |
Common stock directly in or traceable to Chembio’s May 7, 2020 offering |
| SECURITY TYPE |
Common Stock |
Case Background:
On June 18, 2020, the initial complaint in this securities class action was filed against Chembio Diagnostics, Inc. (“Chembio” or the “Company”), and certain of Chembio’s directors, officers, and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. This is a federal securities class action lawsuit brought on behalf of all persons who purchased Chembio common stock directly in or traceable to the Company’s May 7, 2020 offering pursuant to Chembio’s Form S-3 Registration Statement and its Prospectus Supplement, dated May 7, 2020 (collectively, the “Registration Statement”).
The complaint alleges that the Registration Statement was negligently prepared and unreasonably failed to disclose: (1) the notification from the FDA on April 29, 2020 (2) that data generated by independent evaluations by NIH and NCI demonstrated measures of Test accuracy below those reported by Chembio and acceptable to the FDA and (3) that Chembio itself had submitted data from RUMC that showed the Test performed worse than Chembio reported.
Current Status of Case:
On June 6, 2023, the Court entered an order approving the settlement of this action. This action has now concluded.
The deadline to file a claim was June 23, 2023. Please contact the claims administrator, Gilardi & Co., at www.chembiosecuritiessettlement.com or by calling Gilardi & Co. at 1-(866)-796-2048.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.