Pomerantz Regulation Company Announces the Filing of a Class Motion towards Sona Nanotech Inc. and Specified 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 class motion lawsuit has been submitted towards Sona Nanotech Inc. (“Sona” or the “Business”) (OTCMKTS: SNANF) and certain of its officers.  The course motion, filed in the United States District Court docket for the Central District of California, and docketed beneath 21-cv-00169, is on behalf of a course consisting of all persons and entities other than Defendants that purchased or normally acquired Sona securities concerning July 2, 2020 and November 25, 2020, inclusive (the “Course Period”), trying to find to go after treatments beneath the Securities Trade Act of 1934 (the “Exchange Act”).  Plaintiff alleges that Defendants violated the Trade Act by publishing untrue and deceptive statements to artificially inflate the selling prices of the Firm’s securities.

If you are a shareholder who bought Sona securities during the Class Interval, you have right until February 16, 2021 to question the Courtroom to appoint you as Lead Plaintiff for the course.  A copy of the Grievance can be obtained at www.pomerantzlaw.com.   To examine this motion, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-absolutely free, Ext. 7980. Individuals who inquire by e-mail are encouraged to incorporate their mailing deal with, telephone number, and the number of shares procured. 

[Click here for information about joining the class action]

Sona purports to be engaged in studying and developing gold nanorod merchandise for diagnostic assessments and professional medical cure applications. 

The Criticism alleges that all over the Course Interval, Defendants manufactured materially bogus and misleading statements, and unsuccessful to disclose content adverse specifics about the Firm’s business, operational, and compliance policies.  Precisely, Defendants made bogus and/or deceptive statements and failed to disclose to investors that:  (1) it was unreasonable for Sona to signify that it could receive results from field scientific tests of its COVID-19 antigen check in just a thirty day period (2) Sona’s good statements about its COVID-19 antigen exam ended up unfounded as the U.S. Meals and Drug Administration (“Food and drug administration”) would deprioritize emergency use authorization acceptance of Sona’s antigen take a look at discovering it did not meet up with “the community wellbeing will need” criterion  (3) it was unreasonable for Sona to consider that facts collected above these kinds of a short period of time would be enough for approval of its antigen test by both the Food and drug administration or Health Canada (4)  the Enterprise would have to withdraw its submission for Interim Purchase (“IO”) authorization from Overall health Canada for the promoting for its COVID-19 antigen exam as it lacked sufficient clinical facts to guidance approval and (5) as a end result, defendants’ statements about their business enterprise, functions, and potential customers ended up materially false and misleading and/or lacked a realistic basis at all related situations.

On August 6, 2020, Sona released a press launch offering an update on the status of its COVID-19 antigen check and stating there would be a delay in success. 

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

On October 29, 2020, Sona issued a push launch saying that the Fda experienced deprioritized its EUA evaluate of the Firm’s COVID-19 antigen exam.

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

On November 25, 2020, the Enterprise issued a press release saying that it withdrew its software of IO authorization from Overall health Canada for its COVID-19 antigen examination.

On this information, shares of Sona fell $1.56 for every share, or in excess of 67%, to near at $.74 for every share on November 25, 2020, detrimental investors.

The Pomerantz Agency, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as 1 of the leading corporations in the places of corporate, securities, and antitrust course litigation. Established by the late Abraham L. Pomerantz, regarded as the dean of the class motion bar, the Pomerantz Organization pioneered the discipline of securities class actions. Nowadays, far more than 80 a long time afterwards, the Pomerantz Firm continues in the tradition he set up, fighting for the legal rights of the victims of securities fraud, breaches of fiduciary obligation, and company misconduct. The Business has recovered numerous multimillion-dollar damages awards on behalf of class associates. See www.pomerantzlaw.com

Get in touch with:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

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Source Pomerantz LLP


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