What Every Co-Diagnostics, Inc. Shareholder Needs to Know About the Law Offices of Timothy L. Miles’ Investigation of the Board
The Co-Diagnostics class action lawsuit seeks to represent purchasers of Co-Diagnostics, Inc. (NASDAQ: CODX) publicly traded securities between May 12, 2022 and the close of the market on August 11, 2022 (4:00 p.m. ET), inclusive (the “Class Period”). The Co-Diagnostics class action lawsuit – captioned Stadium Capital LLC v. Co-Diagnostics, Inc., No. 22-cv-06978 (S.D.N.Y.) – charges Co-Diagnostics and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
Allegations in the Co-Diagnostics Class Action Lawsuit
On April 6, 2020, Co-Diagnostics announced that it had received an Emergency Use Authorization for its Logix Smart™ COVID-19 detection test from the U.S. Food and Drug Administration, allowing it to commence sales of the test to laboratories certified by the Center for Medicare and Medicaid Services under the Clinical Laboratories Improvements Act to accept human samples for diagnostics testing throughout the United States.
The Co-Diagnostics class action lawsuit alleges that defendants failed to disclose that: (i) demand for its Logix Smart™ COVID-19 test had plummeted throughout the quarter ended June 30, 2022, and (ii) as a result, defendants’ positive statements about the demand for its Logix Smart™ COVID-19 test lacked a reasonable basis.
On August 11, 2022, Co-Diagnostics disclosed its financial results for the quarter ended June 30, 2022, in which Co-Diagnostics revealed revenue of $5.0 million for the quarter ended June 30, 2022, down from $27.4 million during the prior year period, a decline of almost 82%. Co-Diagnostics primarily attributed the decrease to lower demand of the Logix Smart™ COVID-19 test. On this news, the price of Co-Diagnostics common stock declined by more than 30%, damaging investors who suffered losses in Co-Diagnostics stock.
Investigation of the Co-Diagnostics Board
The investigation of the Co-Diagnostics board focuses on whether the board of directors of Co-Diagnostics have breached their fiduciary duties to the company in light of the serious allegations raised in the Coinbase class action lawsuit filed against the Company. The firm urges long-term stockholders of Coinbase to call Co-Diagnostics Stock Loss Lawyer Timothy L. Miles today or simply submit the form at the bottom of the link if you have questions about the investigation of the Coinbase Board which remains ongoing.
Long-Term Stockholders Urged to Contact Co-Diagnostics Stock Loss Lawyer Timothy L. Miles
If you are a long-term stockholder of Co-Diagnostics, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Co-Diagnostics Stock Loss Lawyer, Timothy L. Miles, by email at [email protected], or telephone at (858) Tim-M-Law, or by filling out the contact form at the bottom of the link and someone will promptly call you back. There is no cost or obligation to you, so go ahead and call and see what a Co-Diagnostics Stock Loss Lawyer can do for you.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
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