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Investigation announced for Long-Term Investors in shares of Sona Nanotech Inc. (OTC: SNANF)

03-18-2021 03:37 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

An investigation on behalf of current long term investors in Sona Nanotech Inc. (OTC: SNANF) shares.

An investigation on behalf of current long term investors in Sona Nanotech Inc. (OTC: SNANF) shares.

An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Sona Nanotech Inc..

Investors who are current long term investors in Sona Nanotech Inc. (OTC: SNANF) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm for current long term investors in OTC: SNANF stocks follows a lawsuit filed against Sona Nanotech Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in OTC: SNANF stocks, concerns whether certain Sona Nanotech Inc. directors are liable in connection with the allegations made in that lawsuit.

According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that 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.

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 lawsuits, 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.

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