Chembio Diagnostics, Inc. (CEMI)


Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $100,000 Investing In Chembio Diagnostics, Inc. To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Chembio Diagnostics, Inc. ("Chembio" or the "Company")(NASDAQ:CEMI) of the August 17, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Chembio stock or options between April 1, 2020 and June 16, 2020 and would like to discuss your legal rights, please fill out the form below. There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

The lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all those who purchased Chembio common stock between April 1, 2020 and June 16, 2020 (the "Class Period"). The case, Chernysh v. Chembio Diagnostics, Inc. et al., No. 20-cv-02706 was filed on June 18, 2020.

The lawsuit focuses on whether the Company and its executives violated federal securities laws. Throughout the Class Period, Defendants represented that its DPP COVID-19 serological POC test for the detection of IgM and IgG antibodies aided in determining current or past exposure to the COVID-19 virus, that its test provides high sensitivity and specificity, and was 100% accurate.

On June 16, 2020, after the market closed, the U.S. Food and Drug Administration ("FDA") issued a press release disclosing that it had revoked the Company’s Emergency Use Authorization ("EUA") for the Company’s DPP COVID-19 Igm/IgG System "due to performance concerns with the accuracy of the test" and because "data submitted by Chembio as well as an independent evaluation of the Chembio test at NCI showed that this test generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device."

On this news, Chembio's share price fell from $9.93 per share on June 16, 2020 to a closing price of $3.89 on June 17, 2020: a $6.04 or a 60.83% drop.

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Chembio Diagnostics, Inc. (CEMI)

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Details

Filed on 06/18/2020

Ticker NASDAQ:CEMI

Lead Plaintiff Deadline 08/17/2020

Office

685 Third Avenue 26th Floor

10017 New York, New York

Phone (212) 983-9330

Fax (212) 983-9331

Counsel

Richard W. Gonnello rgonnello@faruqilaw.com Phone (212) 983-9330 Fax (212) 983-9331

Finding us

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685 Third Avenue 26th Floor
New York, New York 10017
(212) 983-9330
(877) 247-4292
(212) 983-9331

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Los Angeles, California 90024
(424) 256-2884
(424) 256-2885

Delaware

3828 Kennett Pike Suite 201
Wilmington, Delaware 19807
(302) 482-3182
(302) 482-3612

Georgia

3975 Roswell Rd Suite A
Atlanta, Georgia 30342
(404) 847-0617
(404) 506-9534

Pennsylvania

1617 JFK Boulevard, Suite 1550
Philadelphia, Pennsylvania 19103
(215) 277-5770
(215) 277-5771

Faruqi & Faruqi office in New York, New York

Faruqi & Faruqi office in Los Angeles, California

Faruqi & Faruqi office in Wilmington, Delaware

Faruqi & Faruqi office in Atlanta, Georgia

Faruqi & Faruqi office in Philadelphia, Pennsylvania