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Co-Diagnostics Inc Class Action Lawsuit CODX | Deadline October 17, 2022

Co-Diagnostics Inc Class Action Lawsuit (CODX Lawsuit)

The Gross Law Firm notifies investors that a class action (Co-Diagnostics Inc Class Action Lawsuit) has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Co-Diagnostics, Inc. (CODX) who purchased shares between May 12, 2022 and August 11, 2022.

The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that:

(i) demand for the Company’s Logix Smart™ COVID-19 test had plummeted throughout the quarter ended June 30, 2022, and (ii) as a result, defendants’ positive statements about the demand for its Logix Smart™ COVID-19 test lacked a reasonable basis.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.

Shareholders have until October 17, 2022 to request that the court appoint them lead plaintiff.

 

Co-Diagnostics Inc Class Action Lawsuit

P.A. Rigrodsky Law is looking into potential claims for stockholders against Co-Diagnostics, Inc. (“Co-Diagnostics”) officers and directors. Co-Diagnostics has received a class action lawsuit. In order to boost the price of Co-Diagnostics’ stock while the officers and directors exercised cheap options and dumped their stock into the market, the complaint alleges that defendants made continuous, knowing, and deliberate misstatements concerning their major product, a Covid-19 diagnostic test. According to the complaint, investors lost millions of dollars as a result of defendants’ fraudulent misstatements and disrespect for fundamental scientific principles that reveal the dishonesty of their claims in hindsight.

Co-Diagnostics Inc Class Action

Diagnostic tools are offered for sale by Co-Diagnostics, Inc. In early 2020, the COVID-19 pandemic started to spread, and a test to identify the illness was created. Co-Diagnostics stated on February 24, 2020, that it was the first business to have its COVID-19 diagnostic tests approved for sale in the European Union. On hearing this news, its stock immediately increased. The U.S. granted Co-Diagnostics emergency use authorization for their tests on April 6, 2020. Drug Enforcement Agency (FDA). For their public testing campaigns, the state governments of Utah, Nebraska, and Iowa all purchased tests from Co-Diagnostics.

Co-Diagnostics Inc Lawsuit

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 individuals and entities that bought or otherwise acquired Co-Dx securities between May 12, 2022 and August 11, 2022, both dates inclusive (the “Class Period”), according to Bragar Eagel & Squire, P.C., a nationally renowned stockholder Investors have until October 17, 2022, to ask the court to appoint them as the case’s lead plaintiff.

CODX Class Action Lawsuit

Co-Diagnostics recorded its highest-ever stock price on May 14, 2020. Later in the day, however, news articles were released that cast doubt on its assertions of complete correctness. The state of Utah reportedly rejected to join other significant Utah labs in a cooperative effort to verify one another’s quality, according to The Salt Lake Tribune. According to the Tribune story, Co-Diagnostics tests needed a higher concentration of the COVID-19 virus than other tests did in order to provide a positive outcome. The test was 95% accurate in finding positive results and 99.7% accurate in determining negative results, according to a public announcement by the governor of Iowa. Later, the FDA stated in a news release that no test could ever be completely accurate.

CODX Class Action

The Co-Diagnostics Investor Group cites articles from March 17 and March 23 that criticized Co-Diagnostics’ COVID-19 test in support of its suggested class period of February 25, 2020 through May 15, 2020. However, neither the Co-Diagnostics Investor Group nor any other movant has identified any major misstatements made by Co-Diagnostics prior to April 30, 2020, despite the argument that these articles could have acted as “partial remedial disclosures.” There can be no charge of securities fraud if there is no false statement or omission. Therefore, for a class period beginning before April 30, 2020, no movant has asserted any facts that would support a colorable theory of liability.

CODX Lawsuit – CODX stock

Co-Diagnostics, Inc. develops novel molecular techniques for the detection of infectious diseases, liquid biopsy for the early identification of cancer, and agricultural applications. Its diagnostics solutions automate traditionally complicated operations in both the formulation and administration of tests, enabling extremely quick, inexpensive molecular testing for organisms and genetic illnesses. The business’s headquarters are in Salt Lake City, Utah, and it was established on April 18, 2013, by Brent C. Satterfield and Dwight H. Egan.

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