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Virus-related class action lawsuit against the diagnostics company



A suspected lawsuit from federal securities groups was filed Friday against a medical firm that had been sued by the U.S. Securities and Exchange Commission for making false claims about a rapid COVID-19 test.

As of March, Westlake Village, California-based Decision Diagnostics Corp. began claiming that it had developed a fingerprint blood sample that could detect COVID-19 and made various petitions regarding its progress toward obtaining permission from the U.S. Food and Drug Administration for emergency use for the test, according to the complaint filed Friday in the U.S. District Court. in Los Angeles Anthony Sanchez v Decision Diagnostics Corp. and Keith M. Berman. The trial was first reported in the blog D&O Diary .

In December, the SEC filed a lawsuit against the company and Berman, its CEO, CFO, secretary and sole director, in the United States District Court in New York, accusing it of making false and misleading claims about the test.

Friday's complaint states that after the SEC lawsuit, the company's joint stock price fell 6 cents a share to close at 4 cents a share. It accuses the defendants of violating federal security laws.

A company spokesman could not be reached for comment.

In March, a suspected lawsuit was filed against a pharmaceutical company that allegedly falsely promised a rapid coronavirus vaccine, and whose stock crashed when it failed to deliver.

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

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