Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Co-Dx, Ampio, and Lottery.com and Encourages Investors to Contact the Firm
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NEW YORK, Aug. 26, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Co-Diagnostics, Inc. (NASDAQ: CODX), Ampio Pharmaceuticals, Inc. (NYSE American: AMPE), and Lottery.com, Inc. (NASDAQ: LTRY, LTRYW). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Co-Diagnostics, Inc. (NASDAQ: CODX)
Class Period: May 12, 2022 – August 11, 2022
Lead Plaintiff Deadline: October 17, 2022
On August 11, 2022, Co-Dx shocked investors when the Company issued a press release and filed a report with the U.S. Securities and Exchange Commission that disclosed its financial results for the quarter ended June 30, 2022. The Company disclosed revenue of $5.0 million for the quarter ended June 30, 2022, down from $27.4 million during the prior year period, a decline of almost 82%. The Company primarily attributed the decrease to lower demand of the Logix Smart™ COVID-19 Test.
On this news, Co-Dx’s common stock price fell $1.98 per share, or 30.65%, to close at $4.48 per share on August 12, 2022.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Co-Diagnostics was experiencing a significant falloff in demand for its Logix Smart™ COVID-19 Test and demand for its Logix Smart™ COVID-19 Test had plummeted throughout the quarter ended June 30, 2022; and (2) as a result, Defendants’ positive statements about the demand for its Logix Smart™ COVID-19 Test lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
For more information on the Co-Dx class action go to: https://bespc.com/cases/CODX
Ampio Pharmaceuticals, Inc. (NYSE American: AMPE)
Class Period: December 29, 2020 – August 3, 2022
Lead Plaintiff Deadline: October 17, 2022
The action arises out of the Company’s misstatements regarding the ability of Ampion, its lead product, to treat individuals with inflammatory conditions including, but not limited to, severe osteoarthritis of the knee (“OAK”).
Beginning in 2010 until approximately March 2022, Ampio conducted numerous clinical trials and analyses to determine Ampion’s efficacy. Despite confidentially advertising on numerous occasions that Ampion demonstrated statistically significant decrease in pain associated in symptomatic moderate-severe OAK, the Company failed to bring Ampion to market.
On April 20, 2022, Ampio announced that the U.S. Food and Drug Administration (“FDA”) responded negatively to its Type C meeting request for the Company’s AP-013 clinical trial and that the FDA found the company should have sought the FDA’s agreement on changes to the data analysis prior to analyzing and unblinding the data.
On this news, the Company’s share price fell $0.09, or 26%, to close at $0.25 per share on April 21, 2022.
Then, on May 16, 2022, Ampio announced that it had formed a special committee to conduct an internal investigation focusing on Ampio’s AP-013 clinical trial and unauthorized provision of its anti-inflammatory drug Ampion for use by individuals not participating in clinical trials.
On this news, the Company’s share price fell $0.04, or 10%, to close at $0.18 per share on May 18, 2022.
Then, on August 3, 2022, Ampio disclosed that, as far back as March 2020, “senior staff were aware… that the AP-013 trial did not demonstrate efficacy for Ampion on its co-primary endpoints of pain and function; and that these persons did not fully report the results of the AP-013 trial and the timing of unblinding of data from the AP-013 trial.” The Company also revealed “that certain Ampio personnel, including a former officer and certain former directors, facilitated the provision of Ampion for use.”
On this news, Ampio’s stock fell $0.06, or 37.5%, to close at $0.10 per share on August 3, 2022, thereby injuring investors.
For more information on the Ampio class action go to: https://bespc.com/cases/AMPE
Lottery.com, Inc. (NASDAQ: LTRY, LTRYW)
Class Period: November 15, 2021 – July 29, 2022
Lead Plaintiff Deadline: October 18, 2022
On July 6, 2022, Lottery.com disclosed that an internal investigation, conducted by independent counsel, had uncovered “instances of non-compliance with state and federal laws concerning the state in which tickets are procured as well as order fulfillment.” In addition, the investigation revealed “issues pertaining to the Company’s internal accounting controls.” Accordingly, on June 30, 2022, the Board terminated the Company’s President, Treasurer, and Chief Financial Officer Ryan Dickinson.
On this news, Lottery.com’s stock price fell $0.15 per share, or more than 12%, to close at $1.07 per share on July 6, 2022.
Then, on July 15, 2022, Lottery.com announced that Chief Revenue Officer Matthew Clemenson had resigned on July 11, 2022, effective immediately. The Company also provided an update on the independent investigation previously disclosed on July 6, 2022, reporting that it had “overstated its available unrestricted cash balance by approximately $30 million and that, relatedly, in the prior fiscal year, it improperly recognized revenue in the same amount.” Accordingly, “[t]he Company, in consultation with its outside advisors, is currently validating its preliminary conclusion, assessing any impact on previously issued financial reports, and has begun to institute appropriate remedial measures.”
On this news, Lottery.com’s stock price fell $0.14 per share, or more than 14.5%, to close at $0.82 per share on July 16, 2022.
The Company made a series of additional adverse disclosures before finally, on July 29, 2022, in SEC filing, informing the market that it did not have “sufficient financial resources to fund its operations or pay certain existing obligations,” and that it is therefore intended to furlough certain employees effective July 29, 2022. Moreover, because Lottery.com’s resources were not sufficient to fund its operations for a twelve-month period, “there is substantial doubt about the Company’s ability to continue as a going concern,” and the Company may be forced to wind down its operations or pursue liquidation of the Company’s assets.
In reaction to this news, shares of Lotter.com lost 64% of their value in a single trading day, falling $0.52 per share, from a closing price of $0.81 per share on July 28, 2022 to a close of $0.29 per share on July 29, 2022.
According to the Complaint, the Company made false and misleading statements to the market. Lottery.com failed to maintain appropriate accounting controls. The Company also failed to maintain appropriate controls over financial reporting including revenue recognition and the reporting of cash. The Company was not in compliance with laws related to the sale of lottery tickets. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Lottery.com, investors suffered damages.
For more information on the Lottery.com class action go to: https://bespc.com/cases/LTRY
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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