BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Aytu BioScience, Inc. ("Aytu" or the Company") (NASDAQ: AYTU) investors concerning the Company and its officers’ possible violations of federal securities laws.
On March 10, 2020, Aytu reported that it reached a license agreement for the exclusive distribution of a point-of-care rapid test for certain COVID-19 antibodies in the U.S. for three years, with three year auto-renewals moving forward.
Then, on April 17, 2020, pre-market, NBC News issued a report entitled “Unapproved Chinese coronavirus antibody tests being used in at least 2 states.” Citing health officials and U.S. Food and Drug Administration (“FDA”) filings, the article stated that the Company has been distributing unreliable COVID-19 tests from unapproved Chinese manufacturers, which were shipped to the U.S. after the FDA relaxed its guidelines for tests in mid-March.
On this news, the Company’s share price fell $0.12 per share, or 8%, to close at $1.38 per share on April 17, 2020, thereby injuring investors.
If you purchased Aytu securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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