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S.D. New YorkCourt
Co-Diagnostics, Inc. issued a press release and filed a report that showed revenue down almost 82% from the prior year period.
On this news, the price of Co-Diagnostics, Inc. stock declined by 30.65%, to close at $4.48 per share on August 12, 2022.
Going back, the company repeatedly reassured investors about the demand for the product through its press release, SEC report, and conference call with investors and analysts.
At the same time, Co-Diagnostics, Inc. failed to disclose that demand for its Logix Smart™ COVID19 Test had plummeted throughout the quarter ended June 30, 2022, and as a result, Management’s positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis.
Thus, Management made statements about the Company’s business and demand for its products, while they knew, or at least recklessly disregarded, that the Company was experiencing material negative conditions that impaired its financial condition, results of operations and business prospects, and market price of its shares.
Failure to Disclose,
Shock Event Date
12 August 2022