Co-Diagnostics, Inc.

  • Active

Investigation
08/11/2022

Initial Lawsuit
08/16/2022

Lawsuit Progression
10/17/2022

Investigation

  • Continous Holding
    May 12, 2022 to August 11, 2022
  • Proposed Claim
    Securities Violation

Did Co-Dx fail to disclose to investors that it was experiencing a significant falloff in demand for its Logix Smart™ COVID-19 Test during its second quarter of 2022?

This post is open for investors to gather facts, and findings and track their exposure to related lawsuits. We invite investors and shareholders to contribute to this investigation for their own benefit, add events to the factual timeline below and vote on events’ pertinence.

A lawsuit was subsequently filed. We update this post regularly.

Main Event

Decrease in Revenue

08/11/2022

Co-Diagnostics, Inc. reports its Q2 2022 financial results, including “revenue of $5.0 million, down from $27.4 million during the prior year period, due primarily to lower demand of the Logix Smart™ COVID-19 Test.”

Dwight Egan, Co-Diagnostics’ Chief Executive Officer, remarked “Our second quarter results reflect lower volumes for our Logix Smart™ COVID-19 Test, which we believe is primarily the result of a reduction in mandated testing in travel and public venues and in government funding for testing programs. The Company has initiatives underway intended to actively address these pressures, such as growing our international distributor network, expanding our infectious disease testing menu including monkeypox, and most importantly, our upcoming at-home/point-of-care testing platform. We anticipate these initiatives will potentially be bolstered by recurring COVID surges as we have previously experienced. . .”

The stock impact compares the closing price immediately preceding the date of the event and the following closing price. The price difference also reflects the overall mix of information.

Stock Impact

Close Previous close Price variation Percentage variation
$4.48 $6.46 $-1.98 -30.65%
See more on Factual Timeline

Initial Lawsuit

First Complaint - 08/16/2022

A Co-Diagnostics, Inc. (CODX) investor filed a class action lawsuit on behalf of a class of all persons and entities who purchased the publicly traded securities of Co-Dx during the period May 12, 2022 through the close of the market on August 11, 2022 (4:00 p.m. ET), inclusive.

  • Filing Date
    08/16/2022
  • Class Period
    05/12/2022 to 08/11/2022
  • Transgression
    Securities Violation
  • Filing Firms
    Kaplan Fox & Kilsheimer LLP
  • Case Title
    Stadium Capital LLC v. Co-Diagnostics, Inc.
  • Docket Number
    1:22-cv-06978
  • Court
    New York Southern District Court
  • Free File
    Complaint

Allegations

According to the complaint, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, defendants allegedly failed to disclose to investors that:

(1) demand for its Logix Smart™ COVID19 Test had plummeted throughout the quarter ended June 30, 2022, and
(2) as a result, the defendants’ positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis.

Defendants

  • Company
    Co-Diagnostics, Inc.
  • Chief Executive Officer
    Dwight H. Egan
  • Chief Financial Officer
    Brian L. Brown

Lawsuit progression

  • Docket Number
    1:22-cv-06978
  • Court
    New York Southern District Court

The lead plaintiff deadline has passed, we will update this page as the lawsuit progresses

[stockdio-historical-chart symbol=”CODX” stockExchange=”NYSENasdaq” width=”500″ height=”330″ motif=”blinds” palette=”humanity” includeVolume=false]

Factual Timeline

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