Lawsuit filed for Investors in shares of Sona Nanotech Inc. (OTC: SNANF)

An investor, who purchased shares of Sona Nanotech Inc. (OTC: SNANF), filed a lawsuit over alleged violations of Federal Securities Laws by Sona Nanotech Inc..

Investors who purchased shares of Sona Nanotech Inc. (OTC: SNANF) have certain options and for certain investors are short and strict deadlines running. Deadline: February 16, 2021. OTC: SNANF investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Canada based Sona Nanotech Inc., nanotechnology life sciences company, manufactures gold nanorod products for diagnostic test. On October 29, 2020, Sona Nanotech Inc. announced that the Food and Drug Administration ("FDA") denied the Company's request for an emergency use authorization for the marketing of its rapid COVID-19 antigen test in the United States.

Shares of Sona Nanotech Inc. (OTC: SNANF) declined from $8.34 per share on October 9, 2020, to as low as $0.60 per share on November 25, 2020.

The plaintiff claims that between July 2, 2020 and November 25, 2020, the defendants made false and/or misleading statements and/or failed to disclose that it was unreasonable for Sona to represent that it could receive results from field studies of its COVID-19 antigen test within a month, that Sona's positive statements about its COVID-19 antigen test were unfounded as the U.S. Food and Drug Administration ("FDA") would deprioritize emergency use authorization approval of Sona's antigen test finding it did not meet "the public health need" criterion, that it was unreasonable for Sona to believe that data gathered over such a short period of time would be sufficient for approval of its antigen test by either the FDA or Health Canada, that Sona would have to withdraw its submission for Interim Order authorization from Health Canada for the marketing of its COVID-19 antigen test as it lacked sufficient clinical data to support approval, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times

Those who purchased shares of Sona Nanotech Inc. (OTC: SNANF) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.