Aytu BioScience, Inc.
|Company Name||Aytu BioScience, Inc.|
On March 10, 2020, Aytu reported that it reached a license agreement for the exclusive distribution of a point-of-care rapid test for certain COVID-19 antibodies in the U.S. for three years, with three year auto-renewals moving forward.
Then, on April 17, 2020, pre-market, NBC News issued a report entitled “Unapproved Chinese coronavirus antibody tests being used in at least 2 states.” Citing health officials and U.S. Food and Drug Administration (“FDA”) filings, the article stated that the Company has been distributing unreliable COVID-19 tests from unapproved Chinese manufacturers, which were shipped to the U.S. after the FDA relaxed its guidelines for tests in mid-March.
On this news, the Company’s share price fell $0.12 per share, or 8%, to close at $1.38 per share on April 17, 2020, thereby injuring investors.
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