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.

Plaintiff filed an amended Complaint on July 15, 2020. On March 10, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-00368.

Lead Plaintiff filed a second amended Complaint on April 7, 2021. Defendants filed a Motion to Dismiss the second amended Complaint on May 5. On March 9, 2022, the Court issued an Order denying Defendants' Motion to Dismiss.

Lead Plaintiffs filed a Motion for Class Certification on October 17, 2022. On August 18, 2023, the Court issued an Order granting in part and denying in part the Motion for Class Certification.