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CEMI.US
id: 589, Created by Stan Vick Chase, Scout
Chembio Diagnostics (CEMI) $8.1 MM Securities Litigation Settlement
Pending settlement
12 March 2020
Class period Start16 June 2020
Class period End23 June 2023
Claim deadlineChembio Diagnostics (CEMI) agreed to pay $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.
Alleged Offence
Other
Suspected Party
Other
Security Type
Stocks
Trade Direction
Long
Case number
20-CV-02706
Filing date
18 June 2020
Lead plaintiff
Municipal Employees’ Retirement System of Michigan
Attorney
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
Court
Eastern District of New York
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
+$8,100,000
Total Settlement Amount