INVESTOR REMINDER

Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Chembio Diagnostics, Inc.

The law firm of Kessler Topaz Meltzer & Check, LLP reminds Chembio Diagnostics, Inc. (NASDAQ: CEMI) (“Chembio”) investors that a securities fraud class action lawsuit has been filed on behalf of those who purchased or otherwise acquired Chembio common stock between March 12, 2020 and June 16, 2020, inclusive (the “Class Period”).

REMINDER: Investors who purchased or otherwise acquired Chembio common stock during the Class Period may, no later than August 17, 2020, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please click https://www.ktmc.com/chembio-diagnostics-inc-class-action?utm_source=P ....

According to the complaint, Chembio develops diagnostic solutions and offers products for treatment, detection, and diagnosis of infectious diseases. Chembio claims to have developed and patented a new and innovative technology called the Dual Path Platform (“DPP”), which allows for rapid diagnostic testing of a variety of chemical substances. On its website, Chembio maintains that its products “meet the highest standards for accuracy and superior performance to help prevent the spread of infectious diseases” and that its “innovative solutions, like the Chembio Dual Path Platform (DPP), make [point-of-care] testing faster, more accurate, and more cost effective.”

On March 12, 2020, Chembio entered into a worldwide strategic partnership with LumiraDx Limited, a company focused on developing, manufacturing, and commercializing industry-leading point-of-care diagnostic platforms, with the aim of developing a diagnostic test for the detection of the COVID-19 virus and IgM and IgG antibodies on both of their DPP platforms (the “DPP COVID-19 Test”). Following this news, Chembio’s shares jumped 65% during pre-market trading. Throughout the Class Period, the defendants touted their progress in developing the DPP COVID-19 Test, representing that it: (i) successfully aided in determining current or past exposure to the COVID-19 virus; (ii) provided high sensitivity and specificity; and (iii) was 100% accurate. The defendants’ overly positive progress updates convinced some entities to place purchase orders for the DPP COVID-19 Tests worth millions of dollars. These events further boosted the price of Chembio shares, including on March 20, 2020, when Chembio’s shares rose 54%. Chembio’s representations ultimately drove its stock from a closing price of $3.10 per share on March 11, 2020, to a Class Period high of $15.54 per share on April 24, 2020, an increase of more than 400%.