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Biotechnology companies accused of misleading investors on virus tests



(Reuters) – US Securities and Exchange Commission sued Decision Diagnostics Corp. and its CEO for alleged misleading investors by promising that the biotechnology company could test for COVID-19 with a fingertip of blood and give accurate results in less than a minute.

In a lawsuit filed Thursday in Manhattan's federal court, the SEC said CEO Keith Berman made significantly false statements between March and June about what he claimed was his company's blood test equipment and its efforts to obtain food. and the approval of the Agency for its emergency use.

The SEC said that all the California company at the time was "a theoretical concept that had not yet materialized into a product" and that Berman's errors led to increases in decision diagnostics. & # 39; stock price and trading volume.

Decision diagnostics did not immediately respond to requests for comment.

More insurance and risk managers news about the coronavirus crisis here .

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