New York, New York, Mar 14, 2021 (Newsfile Corp via COMTEX) -- New York, New York--(Newsfile Corp. - March 14, 2021) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Decision Diagnostics Corp. ("Decision Diagnostics" or the "Company") (other otc:DECN) and reminds investors of the March 16, 2021 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you suffered losses exceeding $100,000 investing in Decision Diagnostics stock or options between March 3, 2020 and December 17, 2020 and would like to discuss your legal rights, call Faruqi & Faruqi partner James Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310) . You may also click here for additional information: www.faruqilaw.com/DECN .
There is no cost or obligation to you.
Faruqi & Faruqi is a leading minority and Woman-owned national securities law firm with offices in New York, Delaware, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Decision Diagnostics had not developed any viable COVID-19 test, much less a test that could detect COVID-19 in less than one minute; (2) the Company could not meet the FDA's emergency use authorization ("EUA") testing requirements for its purported COVID-19 test; (3) accordingly, Defendants had misrepresented the timeline within which it could realistically bring its COVID-19 test to market; (4) all the foregoing subjected Defendants to an increased risk of regulatory oversight and enforcement; and (5) as a result, Defendants' public statements were materially false and misleading at all relevant times.
Specifically, on December 17, 2020, the Securities and Exchange Commission ("SEC") filed a complaint in federal court against Defendants, alleging that they had issued a series of press releases that falsely claimed that Decision Diagnostics had developed a finger-prick blood test that could detect COVID-19 in less than one minute (the "SEC Complaint"). According to the SEC Complaint, from March 2020 to at least June 2020, Defendants made false and misleading statements about the existence of Decision Diagnostics' COVID-19 device and progress towards achieving FDA EUA for that device. As alleged, at the time of these claims, Decision Diagnostics lacked a proven method for detecting the virus and had no physical testing device. The SEC Complaint further alleged that the statements created the misleading impression that Decision Diagnostics would soon introduce the COVID-19 test to the market, which led to surges in the price and trading volume of the Company's stock.
Following the filing of the SEC Complaint, Decision Diagnostics' common share price fell $0.06 per share, or 60%, to close at $0.04 per share on December 18, 2020.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Decision Diagnostics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP ( www.faruqilaw.com ). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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