Pomerantz Law Agency Announces the Filing of a Course Action against Sona Nanotech Inc. and Certain Officers – SNANF
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NEW YORK, Jan. 31, 2021 /PRNewswire via COMTEX/ —
NEW YORK, Jan. 31, 2021 /PRNewswire/ — Pomerantz LLP announces that a course action lawsuit has been submitted from Sona Nanotech Inc. (“Sona” or the “Enterprise”) (OTCMKTS: SNANF) and specified of its officers. The course action, filed in the United States District Court docket for the Central District of California, and docketed less than 21-cv-00169, is on behalf of a class consisting of all folks and entities other than Defendants that bought or otherwise acquired Sona securities amongst July 2, 2020 and November 25, 2020, inclusive (the “Class Time period”), looking for to go after solutions less than the Securities Exchange Act of 1934 (the “Exchange Act”). Plaintiff alleges that Defendants violated the Trade Act by publishing untrue and misleading statements to artificially inflate the selling prices of the Firm’s securities.
If you are a shareholder who bought Sona securities throughout the Class Period, you have right until February 16, 2021 to ask the Courtroom to appoint you as Lead Plaintiff for the class. A duplicate of the Criticism can be received at www.pomerantzlaw.com. To focus on this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those people who inquire by e-mail are inspired to include their mailing address, telephone variety, and the quantity of shares procured.
[Click here for information about joining the class action]
Sona purports to be engaged in researching and producing gold nanorod products for diagnostic exams and medical therapy programs.
The Criticism alleges that throughout the Class Time period, Defendants manufactured materially untrue and misleading statements, and unsuccessful to disclose material adverse facts about the Firm’s business, operational, and compliance guidelines. Precisely, Defendants designed fake and/or deceptive statements and failed to disclose to traders that: (1) it was unreasonable for Sona to depict that it could get success from subject research of its COVID-19 antigen take a look at in a thirty day period (2) Sona’s beneficial statements about its COVID-19 antigen check ended up unfounded as the U.S. Foodstuff and Drug Administration (“Fda”) would deprioritize emergency use authorization acceptance of Sona’s antigen take a look at acquiring it did not satisfy “the community wellbeing require” criterion (3) it was unreasonable for Sona to believe that that info gathered in excess of such a short interval of time would be enough for approval of its antigen examination by either the Food and drug administration or Health Canada (4) the Organization would have to withdraw its submission for Interim Get (“IO”) authorization from Health and fitness Canada for the internet marketing for its COVID-19 antigen test as it lacked ample clinical info to guidance approval and (5) as a consequence, defendants’ statements about their company, operations, and prospects had been materially wrong and deceptive and/or lacked a fair basis at all pertinent situations.
On August 6, 2020, Sona printed a push launch giving an update on the standing of its COVID-19 antigen check and stating there would be a hold off in benefits.
On this news, shares of Sona fell $3.29 per share, or in excess of 35%, to close at $5.91 for each share on August 6, 2020.
On Oct 29, 2020, Sona issued a push release asserting that the Food and drug administration had deprioritized its EUA evaluate of the Firm’s COVID-19 antigen take a look at.
On this information, shares of Sona fell $2.77 for every share, or about 48%, to near at $3.00 per share on Oct 29, 2020, damaging investors.
On November 25, 2020, the Enterprise issued a push launch asserting that it withdrew its software of IO authorization from Health Canada for its COVID-19 antigen examination.
On this news, shares of Sona fell $1.56 for every share, or about 67%, to close at $.74 for every share on November 25, 2020, detrimental investors.
The Pomerantz Agency, with places of work in New York, Chicago, Los Angeles, and Paris is acknowledged as one particular of the premier corporations in the spots of corporate, securities, and antitrust course litigation. Launched by the late Abraham L. Pomerantz, regarded as the dean of the course motion bar, the Pomerantz Organization pioneered the subject of securities class actions. Now, extra than 80 several years later, the Pomerantz Business carries on in the custom he set up, fighting for the legal rights of the victims of securities fraud, breaches of fiduciary responsibility, and corporate misconduct. The Organization has recovered numerous multimillion-dollar damages awards on behalf of course customers. See www.pomerantzlaw.com
Get hold of:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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Source Pomerantz LLP
COMTEX_379925140/2454/2021-01-31T10:34:34
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