GlobeNewswire Inc | Aug 4, 2020 08:00AM EDT

August 04, 2020

BOSTON, Aug. 04, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockleviton.com), a national securities litigation firm, announces that securities class action have been filed against Chembio Diagnostics, Inc (NASDAQ: CEMI), ProAssurance Corp. (NYSE: PRA), and J2 Global, Inc. (NASDAQ: JCOM). 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.

CEMI Shareholders Click Here: https://www.blockleviton.com/cases/chembio

PRA Shareholders Click Here: https://www.blockleviton.com/cases/proassurance

JCOM Shareholders Click Here: https://www.blockleviton.com/cases/jcom

Chembio Diagnostics, Inc. (NASDAQ: CEMI) Lead Plaintiff Deadline of August 17, 2020

In April 2020, Chembios 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 Chembios 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, ProAssurances stock price plunged another 22%, to close at just $15.95 on May 8, 2020.

J2 Global, Inc. (NASDAQ: JCOM) Lead Plaintiff Deadline of September 8, 2020

J2 Global is a digital media roll-up that has acquired 186 businesses since its inception. Its CEO has described the Companys acquisition system as its single great competitive advantage. On Dec. 12, 2018, however,Glasshouse Researchreleased a forensic report stating J2's acquisition accounting remains suspect, and concluding that management has touted many farce operating metrics that do not show J2's true economic value. Then on June 30, 2020, analyst Hindenburg Research issued a series of tweets and published a report regarding J2 Global entitled J2 Global: Troubling Related Party Transactions, Looming Impairments and a Suspicious History of Insider Enrichment Spanning Decades. In its report, Hindenburg writes that J2s opaque acquisition approach has opened the door to egregious insider self-enrichment, which we approximate totals $117 million to $172 million based on publicly available information. Hindenburg continued that J2 had recently committed $200 million of shareholder cash to a newly-formed investment vehicle run by its Chairman, who has a track record of venture investment failures. Hindenburg further stated that it found decades of intertwined financial interests between board members and executives, calling several of J2s directors independence into question. Hindenburg also raised tricky accounting, noting that J2 has never taken a goodwill impairment, yet the Companys subsidiaries have reported multiple material goodwill impairments that do not appear to coincide with J2s financials. On this news, the price of J2 Globals shares plummeted.

If you purchased or acquired shares of CEMI, PRA, or JCOM 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 cases@blockleviton.com, or via the links provided above.

Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the countrys financial markets. The firm represents many of the nations largest institutional investors as well as individual investors in securities litigation throughout the United States. The firms lawyers have recovered billions of dollars for its clients.

This notice may constitute attorney advertising.

CONTACT:BLOCK & LEVITON LLP260 Franklin St., Suite 1860Boston, MA 02110Phone: (617) 398-5600Email: cases@blockleviton.comSOURCE: Block & Leviton LLPwww.blockleviton.com