LOS ANGELES, Aug. 13, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of investors in the following publicly traded companies. Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court. There is no cost or obligation to you. See below for more information on these cases.
ProAssurance Corporation investors (NYSE: PRA); August 17, 2020 deadline, click here to join.
Co-Diagnostics, Inc. investors (NASDAQ: CODX); August 17, 2020 deadline, click here to join.
Enphase Energy, Inc. (NASDAQ: ENPH); August 17, 2020 deadline, click here to join.
Chembio Diagnostics, Inc. investors (NASDAQ: CEMI); August 17, 2020 deadline, click here to join.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone or text 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or via www.portnoylaw.com.
ProAssurace Corporation The complaint alleges that throughout the Class Period, ProAssurance made misleading and/or false statements and/or failed to disclose: (1) that ProAssurance, in its Specialty P&C segment, lacked the adequate underwriting process and risk management controls necessary to set appropriate loss reserves; (2) that ProAssurance failed to properly assess a large national healthcare account that experienced losses far exceeding the assumptions made when the account was underwritten; and (3) that ProAssurance was subject to a risk of financial loss and reserve changes that were materially heightened as a result.
Co-Diagnostics, Inc. Co-Diagnostics announced on February 24, 2020, that it had received regulatory clearance to sell its COVID-19 tests in the European Community. Then on April 6, 2020, the Company announced that it had received emergency use authorization for its tests from the U.S. Food and Drug Administration ("FDA"). Finally, on May 14, 2020, after the Company continued to uphold its statements about the success of its test in its first quarter results, public reports began to circulate that questioned the Company's claims of 100% accuracy as a result of the Company being hesitant to participate in U.S.-based testing. Later in the day, the U.S. FDA publicly stated that no COVID-19 test is 100% accurate. The Company's share price fell $5.06 on this news, or over 22%, to close at $17.07 per share on May 15, 2020, thereby injuring investors.
Enphase Energy, Inc. The complaint alleges that throughout the Class Period, defendants made misleading and/or false statements and/or failed to disclose: (1) that its revenues, both international and U.S., were inflated; (2) that the Company engaged in improper practices in relation to deferred revenue accounting; (3) that the Company overstated its reported base points expansion in gross margins; and that (4) as a result of the foregoing, public statements made by the Defendant were materially misleading and false at all relevant times.
Chembio Diagnostics, Inc. In April 2020, the Company'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"). Then, before the market opened on June 17, 2020, the EUA for Chembio's Dual Path Platform COVID-19 serology test was revoked by the FDA due to concerns regarding the test's accuracy. Specifically, the FDA found that the "benefits no longer outweigh its risks" and that "it is not reasonable to believe that the test may be effective" because it "generates a higher than expected rate of false results and higher than that reflected in the authorized labeling for the device." The Company's share price fell $6.04 on this news, or nearly 60%, to close at $3.89 per share on June 17, 2020.
The Portnoy Law Firm represents investors on a contingency basis in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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