Investigation of Sona Nanotech Inc.
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Sona Nanotech Inc. (SNANF) Misled Shareholders Regarding the Viability of its Rapid, COVID-19 Antigen Test
On July 2, 2020, Sona issued a press release announcing that its rapid detection, COVID-19 antigen test was entering into an independent clinical, in-field evaluation study to generate data to support its submission to the FDA and Health Canada for emergency use authorization. Sona stated that the results from the field study would be available at the end of July. On August 6, 2020, Sona published a press release updating the status of its COVID-19 antigen test, and stating there would be a delay in the results due to study modifications and ethics review board approvals. On this news, shares of Sona fell $3.09 per share, or over 34%, on August 6, 2020. Then, on October 29, 2020, Sona issued a press release announcing that it had received notice from the FDA that the Company’s request for an emergency use authorization for the marketing of its rapid, COVID-19 antigen test in the U.S. “is not a priority” and would not be issued. On this news, shares of Sona fell $2.77 per share, or over 48%, to just $3.00 on October 29, 2020. On November 25, 2020, Sona’s stock fell again, closing at just $0.74 per share, on Sona’s announcement that it withdrew its application for an Interim Order authorization from Health Canada for the marketing of its rapid, COVID-19 antigen test to obtain more clinical data to augment its submission.