NEW YORK, June 17, 2020 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating potential claims against Chembio Diagnostics, Inc. (“Chembio”) for violations of the federal securities laws.
In April 2020, Chembio’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). Reportedly, Chembio had been touted as one among a list of companies with the potential to bring a viable COVID-19 test to the market.
On June 17, 2020, before the market opened, it was reported that shares in Chembio declined 59% after the FDA revoked the EUA for Chembio’s Dual Path Platform COVID-19 serology test. The FDA reportedly said that there were performance concerns with the accuracy of Chembio’s SARS-CoV-2 antibody test, that it made the decision to revoke the EUA authorization for the serology test as “benefits no longer outweigh its risks”, and that because “this test generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device,” “under the current circumstances of the public health emergency, it is not reasonable to believe that the test may be effective in detecting antibodies against SARS-CoV-2.”
If you purchased shares of Chembio since March 31, 2020 and would like to discuss our investigation, please contact us by emailing jcampisi@kaplanfox.com or by calling 212-329-8571.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has decades of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about your rights or interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(212) 329-8571
(212) 687-1980
Fax: (212) 687-7714
E-mail: jcampisi@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com