LOS ANGELES, Feb. 16, 2021 /PRNewswire/ — The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Sona Nanotech Inc. (“Sona” or “the Company”) (OTC: SNANF) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between July 2, 2020 and November 25, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before February 16, 2021.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Sona unreasonably represented to the market that it could receive field studies of its COVID-19 antigen test within one month. The Company’s positive statements about its antigen tests were unfounded. In fact, the FDA would deprioritize emergency use authorization approval of the Company’s antigen test stating it did not meet “the public health need.” The Company did not have a reasonable basis to believe that data collected in a short time would be acceptable to the FDA or Health Canada. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Sona, investors suffered damages.
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The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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SOURCE The Schall Law Firm