This is a proposed securities class action against Sona Nanotech Inc. and certain of its directors and officers. This class action alleges that Sona and the individual Defendants made misrepresentations and engaged in oppressive conduct in connection with Sona’s development of a COVID-19 antigen test and the submission of the test for approval by Health Canada as well as the United States Dood and Drug Administration (FDA).
Specifically, this lawsuit alleges that the Defendants made misrepresentations in Sona’s Management Discussion and Analysis (MD&A) which was released on September 29, 2020, by improperly omitting the fact that Sona’s submissions to Health Canada and the FDA were not supported by appropriate data from independent clinical evaluation studies as required by the respective regulators. Furthermore, this MD&A omitted the fact that Sona’s clinical study was tainted by lack of independence, and its results were questionable, inaccurate or unreliable as a result of its lack of independence and because it was not carried out in accordance with the regulators’ guidelines and requirements. Because Sona’s submissions to Health Canada and the FDA were not supported by appropriate data, there was a heightened likelihood that Sona’s COVID-19 test would not be approved, which it ultimately was not.
Class Membership Criteria
This class action is brought on behalf of:
- All persons and entities (except certain Excluded Persons), wherever they may reside or may be domiciled, who purchased or otherwise acquired common shares of Sona Nanotech Inc. during the period of time from September 29, 2020 to November 30, 2020, and who held some or all of those common shares as of October 29, 2020, November 25, 2020, or November 30, 2020.