SAN FRANCISCO, CA / ACCESSWIRE / September 28, 2022 / Hagens Berman urges Co-Diagnostics, Inc. (NASDAQ:CODX) investors who suffered significant losses to submit your losses now.
Co-Diagnostics, Inc. (NASDAQ:CODX) Securities Fraud Class Action:
Throughout the Class Period, Defendants repeatedly touted Co-Diagnostics' Logix Smart COVID-19 Test and, as recently as May 12, 2022, reassured investors about the demand for that product.
The complaint alleges that Defendants failed to disclose that demand for the Test had plummeted throughout the second quarter ended June 30, 2022. As a result, Defendants' positive statements about the demand for the Logix Smart COVID-19 Test lacked a reasonable basis.
Investors began to learn the truth, according to the complaint, on Aug. 11, 2022, when Co-Diagnostics announced disastrous financial results for Q2 2022. The company's quarterly revenue plummeted almost 82% from the prior year period to just $5 million. Management primarily blamed the results on lower demand for the Logix Smart COVID-19 Test and admitted they saw weak demand as Q2 2022 progressed.
This news sent the price of Co-Diagnostics shares crashing 30% lower on Aug. 12, 2022, wiping out over $66 million of shareholder value.
'We're focused on investors' losses and proving Defendants misled investors about the real demand for Co-Diagnostics' test,' said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Co-Diagnostics and have significant losses, or have knowledge that may assist the firm's investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Co-Diagnostics should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email CODX@hbsslaw.com.
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Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP
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