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CODX.US
id: 113
Both parties are exchanging evidence and gathering information for the case.
S.D. New York
Court1:22-cv-06978
Case number05/12/2022
Class period Start08/11/2022
Class period EndCo-Diagnostics, Inc. issued a press release and filed a report that showed revenue down almost 82% from the prior year period.
On this news, the price of Co-Diagnostics, Inc. stock declined by 30.65%, to close at $4.48 per share on August 12, 2022.
Going back, the company repeatedly reassured investors about the demand for the product through its press release, SEC report, and conference call with investors and analysts.
At the same time, Co-Diagnostics, Inc. failed to disclose that demand for its Logix Smart™ COVID19 Test had plummeted throughout the quarter ended June 30, 2022, and as a result, Management’s positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis.
Thus, Management made statements about the Company’s business and demand for its products, while they knew, or at least recklessly disregarded, that the Company was experiencing material negative conditions that impaired its financial condition, results of operations and business prospects, and market price of its shares.
Case Status
Case Discovery
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
08/12/2022
Filing date
09/21/2023