NEW YORK–(BUSINESS WIRE)–Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Co-Diagnostics, Inc. (“Co-Dx” or the “Company”) (NASDAQ: CODX) in the United States District Court for the Southern District of New York on behalf of all persons and entities who purchased or otherwise acquired Co-Dx securities between May 12, 2022 and August 11, 2022, both dates inclusive (the “Class Period”). Investors have until October 17, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On August 11, 2022, Co-Dx shocked investors when the Company issued a press release and filed a report with the U.S. Securities and Exchange Commission that disclosed its financial results for the quarter ended June 30, 2022. 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.
On this news, Co-Dx’s common stock price fell $1.98 per share, or 30.65%, to close at $4.48 per share on August 12, 2022.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Co-Diagnostics was experiencing a significant falloff in demand for its Logix SmartTM COVID-19 Test and demand for its Logix SmartTM COVID-19 Test had plummeted throughout the quarter ended June 30, 2022; and (2) as a result, Defendants’ positive statements about the demand for its Logix SmartTM COVID-19 Test lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased or otherwise acquired Co-Dx shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
