BOSTON, July 16, 2020 (GLOBE NEWSWIRE) — Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that securities class action have been filed against Hebron Technology Co., Ltd. (NASDAQ: HEBT), Chembio Diagnostics, Inc (NASDAQ: CEMI), and ProAssurance Corp. (NYSE: PRA). Shareholders interested in serving as lead plaintiff have until the deadlines listed below to move the court. Further details about the cases are described below. There is no cost or obligation to you.
HEBT Shareholders – Click Here: https://www.blockleviton.com/cases/hebt
CEMI Shareholders – Click Here: https://www.blockleviton.com/cases/chembio
PRA Shareholders – Click Here: https://www.blockleviton.com/cases/proassurance
Hebron Technology Co., Ltd. (NASDAQ: HEBT) – Lead Plaintiff Deadline of August 10, 2020
On June 3, 2020, analyst Grizzly Research published a scathing report alleging that China-based Hebron Technology is an “insider enrichment scheme without economic basis.” In its report, Grizzly Research cited questionable transactions including an undisclosed related-party transaction of nearly $26 million. The report further stated “we believe HEBT is a stock manipulation scheme that engaged in undisclosed related party acquisitions and undisclosed private placement transactions that have artificially inflated the stock price.” On the publication of the Grizzly Research report, shares of HEBT fell from their June 2, 2020 closing price of $22.55 per share to a June 4, 2020 close of $11.78 per share, a drop of approximately 48%.
Chembio Diagnostics, Inc. (NASDAQ: CEMI) – Lead Plaintiff Deadline of August 17, 2020
In April 2020, Chembio’s Dual Path Platform COVID-19 antibody test was among the first such tests to be granted Emergency Use Authorization by the U.S. Food and Drug Administration. However, after the markets closed on June 16, 2020, the FDA issued a press release in which it announced that it had revoked the Emergency Use Authorization for Chembio’s Dual Path Platform antibody test “due to performance concerns with the accuracy of the test,” a determination that its “benefits no longer outweigh its risks,” and “a higher than expected rate of false results.” On this news, the price of Chembio stock fell $6.04 per share, approximately 61%, to close at $3.89 per share on June 17, 2020.
ProAssurance Corp. (NYSE: PRA) – Lead Plaintiff Deadline of August 17, 2020
ProAssurance is alleged to have misrepresented its underwriting and reserve standards and failed to adequately reserve for losses. Specifically, the lawsuit alleges that ProAssurance underwrote one very large healthcare account in 2016 on terms that were very detrimental to the Company. On January 22, 2020, ProAssurance announced that because of a deteriorating losses experience relating to that account, it was estimating a $37 million adverse development in its Specialty P&C loss reserves. On this news, the stock fell approximately 11%, to close at $33.40 per share. Then on February 20, 2020, ProAssurance announced that the related adverse development charge would be $51.5 million. Then on May 8, 2020, ProAssurance announced that the one large healthcare client would likely not renew its policy and instead would likely exercise an option for tail coverage that would result in an additional $50 million in losses for the second quarter of 2020. On this news, ProAssurance’s stock price plunged another 22%, to close at just $15.95 on May 8, 2020.
If you purchased or acquired shares of HEBT, CEMI, or PRA and have questions about your legal rights or possess information relevant to these matters, please contact Block & Leviton attorneys at (617) 398-5600, via email at [email protected], or via the links provided above.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: [email protected]
SOURCE: Block & Leviton LLP