Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Decision Diagnostics Corporation of Class Action Lawsuit and Upcoming Deadline – DECN
NEW YORK, NY / ACCESSWIRE / February 3, 2021 / Pomerantz LLP announces that a class action lawsuit has been filed against Decision Diagnostics Corporation (“Decision Diagnostics” or the “Company”) (OTC PINK: DECN) and some of its officers. The class action lawsuit, filed in the US District Court for the Central District of California and filed on 21-cv-00418, is directed to a class comprised of all persons and entities, other than defendants, who, between them, purchased or purchased Decision Diagnostics securities otherwise acquired March 3, 2020 and December 17, 2020, both dates including (the “Class Period”), to seek damages caused by Defendants’ breaches of the Federal Securities Act and to take remedial action under Section 10 (b ) and 20 (a). the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated therein against the Company and some of its senior officials.
If you are a shareholder who purchased Decision Diagnostics securities during the class period, you have until March 16, 2021 to request the court to appoint you as the lead plaintiff for the class. A copy of the complaint is available at www.pomerantzlaw.com. To discuss this promotion, contact Robert S. Willoughby at firstname.lastname@example.org or toll free 888.476.6529 (or 888.4-POMLAW) ext. 7980. Those who inquire by email are encouraged to give their Provide postal address, telephone number and the number of shares purchased.
[Click here for information about joining the class action]
Decision Diagnostics reportedly offers prescription and non-prescription diagnostic and home testing products, among others.
From March 2020 to at least June 2020, defendants said the company had developed a fingerprint blood test that could detect COVID-19 in less than a minute. Defendants also made various statements regarding the Company’s progress in obtaining emergency approval (“EUA”) from the US Food and Drug Administration (“FDA”) for this alleged COVID-19 fingerprint blood test.
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The complaint alleges that throughout the classroom, defendants made materially false and misleading statements and did not disclose material adverse facts about the company’s business, operational and compliance policies. Specifically, Defendants made false and / or misleading statements and failed to disclose to investors that: (i) Decision Diagnostics had failed to develop a workable COVID-19 test, let alone a test that could detect COVID-19 in less than a minute ; (ii) the company failed to meet the FDA’s EUA testing requirements for its alleged COVID-19 test; (iii) Accordingly, Defendants misrepresented the timeline within which they could realistically get their COVID-19 test to market. (iv) all of the foregoing defendants were at increased risk of regulatory oversight and enforcement; and (v) as a result, Defendants’ public statements at all relevant times have been materially false and misleading.
On December 17, 2020, the SEC filed a complaint against defendants in federal court alleging they issued a series of press releases falsely claiming that Decision Diagnostics had developed a fingerprint blood test that COVID-19 was used in Less than 10 minutes could be proven a minute (the “SEC appeal”). According to the SEC complaint, from March 2020 through at least June 2020, defendants made false and misleading statements about the existence of Decision Diagnostics’ COVID-19 device and progress in achieving the FDA EUA for that device. As claimed, at the time of these claims, Decision Diagnostics lacked a proven method of detecting the virus and had no physical test equipment. The SEC complaint also alleged that the statements created the misleading impression that Decision Diagnostics was about to launch the COVID-19 test, causing the price and trading volume of the company’s shares to surge.
Following the filing of the SEC complaint, Decision Diagnostics’ common stock price fell $ 0.06 per share, or 60%, to close at $ 0.04 per share on December 18, 2020.
The Pomerantz firm, with offices in New York, Chicago, Los Angeles and Paris, is recognized as one of the leading law firms in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, dean of class action lawsuit, Pomerantz pioneered class action lawsuits. Today, more than 80 years later, Pomerantz continues its tradition and fights for the rights of victims of securities fraud, fiduciary violations and corporate misconduct. The company has reclaimed numerous millions of dollars in damages on behalf of class members. See www.pomerantzlaw.com
SOURCE: Pomerantz LLP
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https://www.accesswire.com/627846/SHAREHOLDER-ALERT-Pomerantz-Law-Firm-Reminds-Shareholders-with-Losses-on-their-Investment-in-Decision-Diagnostics-Corporation-of-Class-Action- Legal action and imminent deadline – DECN