SAN FRANCISCO, Oct. 11, 2022 (GLOBE NEWSWIRE) — Hagens Berman calls on Co-Diagnostics, Inc. CODX Investors who have suffered significant losses Submit your losses now.
school lesson: May 12, 2022 – August 11, 2022
Deadline for lead plaintiff: October 17, 2022
Visit: www.hbsslaw.com/investor-fraud/CODX
Contact a lawyer now: CODX@hbsslaw.com
844-916-0895
Co-Diagnostics, Inc. CODX Class action lawsuit alleging securities fraud:
During the class period, the defendants repeatedly touted Co-Diagnostics’ Logix Smart COVID-19 test and only on May 12, 2022 reassured investors about the demand for that product.
The complaint alleges that defendants failed to disclose that demand for the test fell sharply throughout the second quarter ended June 30, 2022. As a result, Defendants’ positive statements about demand for the Logix Smart COVID-19 Test lacked any reasonable basis.
According to the complaint, investors began learning the truth on Aug. 11, 2022, when Co-Diagnostics announced disastrous financial results for the second quarter of 2022. The company’s quarterly revenue fell nearly 82% from the year-ago period to just $5 million. Management attributed the results primarily to lower demand for the Logix Smart COVID-19 test and acknowledged that it saw weak demand throughout the second quarter of 2022.
This news caused the price of Co-Diagnostics stock to plunge 30% on August 12, 2022, wiping out over $66 million in shareholder value.
“We are focused on investor losses and evidence that defendants misled investors about actual demand for co-diagnostics tests,” said Reed Kathrein, the partner at Hagens Berman who led the investigation.
If you have invested in Co-Diagnostics and are experiencing significant losses or have knowledge that may assist the Company’s investigation, Click here to discuss your legal rights with Hagens Berman.
Whistleblower: Individuals with non-public information regarding co-diagnostics should consider their opportunities to assist in the investigation or to take advantage…
