NEW YORK, NY / ACCESSWIRE / February 15, 2021 / Bernstein Liebhard, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the securities of Sona Nanotech Inc. ("Sona" or the "Company") (OTCBB:SNANF) from July 2, 2020 through November 25, 2020 (the "Class Period"). The lawsuit filed in the United States District Court for the Central District of California alleges violations of the Securities Exchange Act of 1934.
If you purchased Sona securities, and/or would like to discuss your legal rights and options please visit SNANF Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected]
The complaint alleges that throughout the Class Period, defendants 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. When the true details entered the market, the lawsuit claims that investors suffered damages.
On November 6, 2020, Reuters published an article entitled "U.S. FDA panel votes cannot ignore unsuccessful trial data on Biogen Alzheimer's drug" which provided information regarding the FDA panel's votes.
On August 6, 2020 Sona published a press release providing an update on the status of its COVID-19 antigen test and stating there would be a delay in results. On this news, shares of Sona fell $3.09 per share, or over 34%, to close at $5.91 per share on August 6, 2020.
On October 29, 2020, the Company issued a press release announcing that the FDA deprioritized its EUA review of Sona's COVID-19 antigen test. On this news, shares of Sona fell $2.77 per share, or over 48% to close at $3.00 per share on October 29, 2020, damaging investors.
Then, on November 25, 2020, the Company issued a press release announcing that it withdrew its application of IO authorization form Health Canada for its COVID-19d antigen test.
On this news, shares of Sona fell $1.56 per share, or over 67%, to close at $0.74 per share on November 25, 2020.
If you wish to serve as lead plaintiff, you must move the Court no later than February 16, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Sona securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/sonananotechinc-snanf-shareholder-class-action-lawsuit-stock-fraud-349/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2021 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
[email protected]
SOURCE: Bernstein Liebhard LLP