Shareholder Alert: Robbins LLP Announces That Sona Nanotech Inc. (SNANF) is Being Sued for Misleading Shareholders

SAN DIEGO & HALIFAX, Nova Scotia--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of Sona Nanotech Inc. (OTC: SNANF) filed a class action complaint against the Company and its officers and directors for alleged violations of the Securities & Exchange Act of 1934 between July 2, 2020 and November 25, 2020. Sona is a life sciences company that produces diagnostic tests.

If you suffered a loss due to Sona Nanotech Inc.'s misconduct, click here.

Sona Nanotech Inc. (SNANF) Misled Shareholders Regarding the Viability of its Rapid, COVID-19 Antigen Test

According to the complaint, 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.

If you purchased your Sona Nanotech Inc. (SNANF) between July 2, 2020 and November 25, 2020, you have until February 16, 2021, to ask the court to appoint them as lead plaintiff for the class.

Contact us to learn more:
Lauren Levi
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