Sona Nanotech Inc.
Lead Plaintiff Deadline: 02/15/2021
SUMMARY OF CASE:
A securities class action has been filed against Sona Nanotech Inc. (SNANF) on behalf of all persons or entities that purchased or otherwise acquired the publicly traded securities of Sona between July 2, 2020 through November 25, 2020. This case has been filed in the USDC – C.D.CA.
On October 29, 2020, the Company announced that the Food and Drug Administration (“FDA”) denied the Company’s request for an emergency use authorization for the marketing of its rapid COVID-19 antigen test in the United States. On this news, the Company’s share prices fell from closing at $5.77 on October 28, 2020 to close at $3.00 on October 29, 2020, a drop of 48%.
On November 25, 2020, the Company announced its withdrawal of “an Interim Order authorization from Health Canada for the marketing of its rapid, COVID-19 antigen test in order to obtain more clinical data to augment its submission.” On this news, the Company’s share prices fell from closing at $2.30 on November 24, 2020 to close at $0.74 on November 25, 2020, a drop of over 67%.
The Complaint alleges that during the Class Period, Defendants, individually and in concert, directly or indirectly, disseminated or approved the false statements specified above, which they knew or deliberately disregarded were misleading in that they contained misrepresentations and failed to disclose material facts necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading.