According to the Complaint, Co-Diagnostics, Inc. owns proprietary technology that enables it to do DNA testing for diagnostic purposes.

The Complaint alleges that Defendants made continual, knowing and willful misstatements about their main product, a COVID-19 diagnostic test, to pump up the price of Co-Diagnostics, Inc.’s stock while the officers and directors exercised low priced options and dumped their stock into the market, and that these fraudulent misstatements, and disregard for the basic scientific principles that make their falsity of their statements clear in retrospect, caused investors to lose millions of dollars.