Robbins Geller Rudman & Dowd LLP and Rolnick Kramer Sadighi LLP Announce Proposed Settlement in the Chembio Diagnostics, Inc. Securities Litigation

The following statement is being issued by Robbins Geller Rudman & Dowd LLP and Rolnick Kramer Sadighi LLP regarding the Chembio Diagnostics, Inc. Securities Litigation:

UNITED STATES DISTRICT COURT

EASTERN DISTRICT OF NEW YORK

TO: ALL PERSONS WHO PURCHASED CHEMBIO DIAGNOSTICS, INC. (“CHEMBIO” OR THE “COMPANY”) COMMON STOCK DIRECTLY IN OR TRACEABLE TO CHEMBIO’S MAY 2020 OFFERING AND/OR OTHERWISE PURCHASED OR ACQUIRED CHEMBIO COMMON STOCK DURING THE CLASS PERIOD BETWEEN MARCH 12, 2020 THROUGH JUNE 16, 2020, INCLUSIVE, AND ARE NOT OTHERWISE EXCLUDED FROM THE CLASS (THE “CLASS”)

THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.

YOU ARE HEREBY NOTIFIED pursuant to Rule 23 of the Federal Rules of Civil Procedure that a hearing will be held in the above-captioned action (the “Action”) on June 5, 2023, at 11:00 a.m., before the Honorable Allyne R. Ross at the United States District Court, Eastern District of New York, 225 Cadman Plaza East, Courtroom 8C South, Brooklyn, NY 11201, for the purpose of determining whether: (1) the proposed settlement (the “Settlement”) of the above-captioned action as set forth in the Stipulation and Agreement of Settlement (“Stipulation”)¹ for $8,100,000 in cash should be approved by the Court as fair, reasonable and adequate; (2) the Judgment as provided under the Stipulation should be entered dismissing the Action with prejudice; (3) to award Lead Counsel attorneys’ fees and expenses out of the Settlement Fund (as defined in the Notice of Pendency and Proposed Settlement of Class Action (“Notice”), which is discussed below) and, if so, in what amount; (4) to award Lead Plaintiffs reimbursement for their time and expenses in connection with their representation of the Class; and (5) the Plan of Allocation should be approved by the Court as fair, reasonable and adequate.

The Court may decide to conduct the Settlement Hearing by video or telephonic conference, or otherwise allow Class Members to appear remotely at the hearing, without further written notice to the Class. In order to determine whether the date and time of the Settlement Hearing have changed, or whether Class Members must or may participate by phone or video, it is important that you monitor the Court’s docket and the Settlement website, www.ChembioSecuritiesSettlement.com, before making any plans to attend the Settlement Hearing. Any and all updates regarding the Settlement Hearing, including any changes to the date or time of the hearing or updates regarding in-person or remote appearances at the hearing, will be posted to the Settlement website, www.ChembioSecuritiesSettlement.com. Also, if the Court requires or allows Class Members to participate in the Settlement Hearing by remote means, the information for accessing the conference will be posted to the Settlement website, www.ChembioSecuritiesSettlement.com.

IF YOU PURCHASED CHEMBIO COMMON STOCK DIRECTLY IN OR TRACEABLE TO CHEMBIO’S PUBLIC OFFERING OF COMMON STOCK PURSUANT TO A PROSPECTUS SUPPLEMENT DATED MAY 7, 2020 (THE “MAY 2020 OFFERING”), OR OTHERWISE PURCHASED OR ACQUIRED CHEMBIO COMMON STOCK BETWEEN MARCH 12, 2020 THROUGH JUNE 16, 2020, INCLUSIVE, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION.

To share in the distribution of the Settlement Fund, you must establish your rights by submitting a Proof of Claim and Release form (“Proof of Claim”) by mail (postmarked no later than June 23, 2023) or electronically (no later than June 23, 2023).

Your failure to submit your Proof of Claim by June 23, 2023, will subject your claim to rejection and preclude your receipt of any of the recovery in connection with the Settlement of this Action. If you purchased Chembio common stock directly in or traceable to Chembio’s May 2020 Offering, or otherwise purchased or acquired Chembio common stock between March 12, 2020 through June 16, 2020, inclusive, and do not request exclusion from the Class, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Judgment, whether or not you submit a Proof of Claim.

If you have not received a copy of the Notice of Pendency and Proposed Settlement of Class Action (the “Notice”), which more completely describes the Settlement and your rights thereunder (including your right to object to the Settlement), and a Proof of Claim, you may obtain these documents, as well as a copy of the Stipulation (which, among other things, contains definitions for the defined terms used in this Summary Notice) and other Settlement documents, online at www.ChembioSecuritiesSettlement.com, or by writing to:

Chembio Securities Settlement

Claims Administrator

c/o Gilardi & Co. LLC

P.O. Box 301134

Los Angeles, CA 90030-1134

Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.

Inquiries, other than requests for the Notice or for a Proof of Claim, may be made to Lead Counsel:

IF YOU DESIRE TO BE EXCLUDED FROM THE CLASS, YOU MUST SUBMIT A REQUEST FOR EXCLUSION SUCH THAT IT IS POSTMARKED BY MAY 15, 2023, IN THE MANNER AND FORM EXPLAINED IN THE NOTICE. ALL CLASS MEMBERS WHO HAVE NOT TIMELY AND VALIDLY REQUESTED EXCLUSION FROM THE CLASS WILL BE BOUND BY ANY JUDGMENT ENTERED IN THE ACTION PURSUANT TO THE TERMS AND CONDITIONS OF THE STIPULATION EVEN IF THEY DO NOT SUBMIT A TIMELY PROOF OF CLAIM.

IF YOU ARE A CLASS MEMBER, YOU HAVE THE RIGHT TO OBJECT TO THE SETTLEMENT, THE PLAN OF ALLOCATION, THE REQUEST BY LEAD COUNSEL FOR AN AWARD OF ATTORNEYS’ FEES NOT TO EXCEED 27.5% OF THE $8,100,000 SETTLEMENT AMOUNT AND EXPENSES NOT TO EXCEED $50,000, OR TO AN AWARD TO LEAD PLAINTIFFS IN CONNECTION WITH THEIR REPRESENTATION OF THE CLASS. ANY OBJECTIONS MUST BE FILED WITH THE COURT AND SENT TO LEAD COUNSEL AND DEFENDANTS’ COUNSEL BY MAY 15, 2023, AT THE FOLLOWING ADDRESSES:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK’S OFFICE REGARDING THIS NOTICE. If you have any questions about the Settlement, you may contact Lead Counsel for Lead Plaintiffs and the Class at the addresses listed above or by email at settlementinfo@rgrdlaw.com.

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