Case Status: ONGOING
CLASS PERIOD START: July 2, 2020
CLASS PERIOD END: November 25, 2020
According to the Complaint, Sona Nanotech Inc. purports to be engaged in researching and developing gold nanorod products for diagnostic test and medical treatment applications.
The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) it was unreasonable for Sona to represent that it could receive results from field studies of its COVID-19 antigen test within a month; (2) Sona’s positive statements about its COVID-19 antigen test were unfounded as the U.S. Food and Drug Administration (“FDA”) would deprioritize emergency use authorization approval of Sona’s antigen test finding it did not meet “the public health need” criterion; (3) it was unreasonable for Sona to believe that data gathered over such a short period of time would be sufficient for approval of its antigen test by either the FDA or Health Canada; (4) Sona would have to withdraw its submission for Interim Order authorization from Health Canada for the marketing of its COVID-19 antigen test as it lacked sufficient clinical data to support approval; and (5) as a result, Defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.