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Co-Diagnostics, Inc.

Company NameCo-Diagnostics, Inc.
Stock SymbolCODX
Class PeriodFebruary 25, 2020 to May 15, 2020
Lead Plaintiff Motion DeadlineAugust 17, 2020

On February 24, 2020, Co-Diagnostics announced that it had received regulatory clearance to sell its COVID-19 tests in the European Community.

Then on April 6, 2020, the Company announced that it had received emergency use authorization for its tests from the U.S. Food and Drug Administration ("FDA").

Finally, on May 14, 2020, after the Company continued to uphold its statements about the success of its test in its first quarter results, public reports began to circulate, questioning the Company’s claims of 100% accuracy because the Company was hesitant to participate in U.S.-based testing. Later in the day, the U.S. FDA stated publicly that no COVID-19 test is 100% accurate.

On this news, the Company’s share price fell $5.06, or over 22%, to close at $17.07 per share on May 15, 2020, thereby injuring investors.

 

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