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Pomerantz Legislation Agency Announces the Filing of a Class Action in opposition to Sona Nanotech Inc. and Specified Officers – SNANF

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The MarketWatch Information Division was not associated in the creation of this content.

NEW YORK, Jan. 31, 2021 /PRNewswire by using COMTEX/ —
NEW YORK, Jan. 31, 2021 /PRNewswire/ — Pomerantz LLP announces that a class motion lawsuit has been filed towards Sona Nanotech Inc. (“Sona” or the “Business”) (OTCMKTS: SNANF) and specific of its officers.  The course motion, submitted in the United States District Court for the Central District of California, and docketed less than 21-cv-00169, is on behalf of a class consisting of all people and entities other than Defendants that procured or if not obtained Sona securities concerning July 2, 2020 and November 25, 2020, inclusive (the “Class Period of time”), looking for to go after therapies underneath the Securities Exchange Act of 1934 (the “Trade Act”).  Plaintiff alleges that Defendants violated the Exchange Act by publishing bogus and misleading statements to artificially inflate the prices of the Company’s securities.

If you are a shareholder who ordered Sona securities in the course of the Course Period of time, you have until eventually February 16, 2021 to ask the Court docket to appoint you as Guide Plaintiff for the class.  A duplicate of the Criticism can be received at www.pomerantzlaw.com.   To explore this motion, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-no cost, Ext. 7980. Those people who inquire by e-mail are inspired to incorporate their mailing tackle, telephone quantity, and the amount of shares bought. 

[Click here for information about joining the class action]

Sona purports to be engaged in researching and producing gold nanorod merchandise for diagnostic checks and healthcare therapy apps. 

The Complaint alleges that in the course of the Course Interval, Defendants made materially untrue and misleading statements, and unsuccessful to disclose material adverse information about the Company’s organization, operational, and compliance procedures.  Especially, Defendants designed bogus and/or misleading statements and failed to disclose to investors that:  (1) it was unreasonable for Sona to stand for that it could acquire final results from industry experiments of its COVID-19 antigen check in a thirty day period (2) Sona’s favourable statements about its COVID-19 antigen test were being unfounded as the U.S. Meals and Drug Administration (“Food and drug administration”) would deprioritize emergency use authorization approval of Sona’s antigen examination discovering it did not meet up with “the community overall health need” criterion  (3) it was unreasonable for Sona to feel that knowledge collected in excess of this sort of a short period of time would be ample for acceptance of its antigen test by either the Food and drug administration or Wellbeing Canada (4)  the Corporation would have to withdraw its submission for Interim Order (“IO”) authorization from Overall health Canada for the marketing for its COVID-19 antigen take a look at as it lacked sufficient clinical data to guidance acceptance and (5) as a result, defendants’ statements about their business enterprise, functions, and prospective customers ended up materially wrong and misleading and/or lacked a acceptable foundation at all relevant occasions.

On August 6, 2020, Sona revealed a push launch offering an update on the status of its COVID-19 antigen check and stating there would be a hold off in benefits. 

On this information, shares of Sona fell $3.29 for every share, or around 35%, to near at $5.91 for every share on August 6, 2020.

On Oct 29, 2020, Sona issued a push release asserting that the Fda had deprioritized its EUA assessment of the Company’s COVID-19 antigen exam.

On this information, shares of Sona fell $2.77 for each share, or about 48%, to shut at $3.00 for each share on October 29, 2020, harming investors.

On November 25, 2020, the Enterprise issued a press release saying that it withdrew its application of IO authorization from Health and fitness 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 each share on November 25, 2020, harming investors.

The Pomerantz Business, with places of work in New York, Chicago, Los Angeles, and Paris is acknowledged as just one of the premier companies in the regions of company, securities, and antitrust course litigation. Founded by the late Abraham L. Pomerantz, recognized as the dean of the course action bar, the Pomerantz Organization pioneered the field of securities course steps. Currently, far more than 80 years afterwards, the Pomerantz Business carries on in the tradition he set up, combating for the rights of the victims of securities fraud, breaches of fiduciary duty, and company misconduct. The Business has recovered a lot of multimillion-greenback damages awards on behalf of class associates. See www.pomerantzlaw.com

Get hold of:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

Perspective primary information:http://www.prnewswire.com/news-releases/pomerantz-regulation-organization-announces-the-filing-of-a-class-motion-in opposition to-sona-nanotech-inc-and-particular-officers—snanf-301218485.html

Resource Pomerantz LLP


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