On October 8, 2021, pre-market, Lucira issued a press release reporting that its supply partner Copan Italia SPA announced a recall of its FLOQSwabs included in the LUCIRA COVID-19 All-In-One Test Kit and LUCIRA CHECK IT COVID-19 Test Kit. The press release stated that “[a]ccording to Lucira’s records, Test Kits containing the recalled Copan swabs were distributed from April 22, 2021 through September 22, 2021,” and that the recalled Copan swabs should not be used and should be disposed.

On this news, Lucira’s stock price dropped sharply during intraday trading on October 8, 2021, damaging investors.