On June 2, 2022, during trading hours, market analyst Kerrisdale Capital published a report entitled “Lightwave Logic, Inc. (LWLG): A High-Frequency Failure” which alleged, among other things, that “[u]nderneath the façade of accomplishment … is almost nothing of substance[,]” and that “Lightwave hasn’t ever come close to commercializing anything: in the 15 years since it’s gone public, it has generated a total of about $6 thousand in revenues, which stands in stark contrast to the steady stream of promotional announcements celebrating overhyped prototype completions, product tests, and patents over that time.” The report also alleged that “Lightwave’s polymer ‘technology’ is behind the curve and the feasibility of a manufacturing process to commercialize it may never be achieved[.]”

On this news, Lightwave Logic’s stock fell $0.99 per share, or 12%, to close at $6.94 per share on June 2, 2022, on unusually heavy trading volume.