LOS ANGELES, Aug. 05, 2020 (GLOBE NEWSWIRE) -- The Law Offices of Frank R. Cruz reminds investors that class action lawsuits have been filed on behalf of shareholders of the following publicly-traded companies. Investors have until the deadlines listed below to file a lead plaintiff motion.
Investors suffering losses on their investments are encouraged to contact The Law Offices of Frank R. Cruz to discuss their legal rights in these class actions at 310-914-5007 or by email to fcruz@frankcruzlaw.com.
ProAssurance Corporation (NYSE: PRA)
Class Period: April 26, 2019 – May 7, 2020
Lead Plaintiff Deadline: August 17, 2020
The complaint alleges that throughout the Class Period, ProAssurance made false and/or misleading statements and/or failed to disclose: (1) that ProAssurance lacked adequate underwriting process and risk management controls necessary to set appropriate loss reserves in its Specialty P&C segment; (2) that ProAssurance failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten; and (3) that as a result, ProAssurance was subject to a materially heightened risk of financial loss and reserve charges.
Co-Diagnostics, Inc. (NASDAQ: CODX)
Class Period: February 25, 2020 – May 15, 2020
Lead Plaintiff Deadline: August 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.
Enphase Energy, Inc. (NASDAQ: ENPH)
Class Period: February 26, 2019 – June 17, 2020
Lead Plaintiff Deadline: August 17, 2020
Shareholders with $150,000 in losses or more are encouraged to contact the firm.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose: (1) that its revenues, both U.S. and international, were inflated; (2) that the Company engaged in improper deferred revenue accounting practices; (3) that the Company’s reported base points expansion in gross margins were overstated; and that (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.
Chembio Diagnostics, Inc. (NASDAQ: CEMI)
Class Period: March 12, 2020 – June 16, 2020
Lead Plaintiff Deadline: August 17, 2020
In April 2020, the Company’s COVID-19 antibody test was one of the first to be granted Emergency Use Authorization (“EUA”) by the U.S. Food and Drug Administration (“FDA”). Then, on June 17, 2020, before the market opened, the FDA revoked the EUA for Chembio’s Dual Path Platform COVID-19 serology test due to concerns regarding the test’s accuracy. Specifically, the FDA found that the “benefits no longer outweigh its risks” and that “it is not reasonable to believe that the test may be effective” because it “generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device.” On this news, the Company’s share price fell $6.04, or nearly 60%, to close at $3.89 per share on June 17, 2020.
Follow us for updates on Twitter: twitter.com/FRC_LAW.
To be a member of these class actions, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about these class actions, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com