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CEMI.US
id: 589

Chembio Diagnostics (CEMI) $8.1 MM Securities Settlement

It is still possible to file a late claim. The court will decide whether to accept late claims or not.
E.D. New York
Court
2:20-cv-02706
Case number
12 Mar 2020
Class period Start
16 Jun 2020
Class period End
23 Jun 2023
Claim deadline
Chembio Diagnostics (CEMI) paid $8.1 million to settle a securities class action lawsuit to avoid further litigation.

The Complaint alleged that the Company and its Leaders participated in a scheme to deceive the market by misrepresenting the effectiveness of the Company's DPP COVID-19 test. This conduct artificially inflated the price of Chembio stock and constituted fraud or deceit against purchasers of Chembio stock. When the truth about the negative factors affecting Chembio's business became public, the price of Chembio stock significantly dropped, resulting in a material decline that removed the inflation from the stock price. As a result, investors who purchased Chembio stock suffered real economic losses.
Case Status
Accepting Late Claims
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Payout per Share
0.65
Filing date
18 June 2020
Plaintiffs
Municipal Employees’ Retirement System of Michigan
Attorneys
Robbins Geller Rudman & Dowd LLP (Melville, NY), Rolnick Kramer Sadighi LLP (New York, NY)
Defendants
Richard L. Eberly, Gail S. Page, Neil A. Goldman, Javan Esfandiari, Katherine I. Davis, Dr. Mary Lake Polan, Dr. John G. Potthoff
Judge
Hon. Allyne R. Ross
Administrator
Gilardi & Co LLC
Court hearing date
05 June 2023
Exclusion deadline
15 May 2023
Objection deadline
15 May 2023
Hearing deadline
15 May 2023
Trades matching type
FIFO
+$8,100,000
Cash Settlement Amount

Chembio Diagnostics Inc

Chembio Diagnostics, Inc., together with its subsidiaries, develops, manufactures, and commercializes point-of-care (POC) diagnostic tests that are used to detect or diagnose diseases. The company ...

    Ticker
    CEMI.US
    ISIN
    US1635722093
    CIK
    1092662
    Sector
    Healthcare
    Industry
    Diagnostics & Research
    Country
    USA
    Address
    555 Wireless Boulevard, Hauppauge, NY, United States, 11788