|Company Name||Sona Nanotech Inc.|
|Class Period||July 2, 2020 to November 25, 2020|
|Motion Deadline||February 16, 2021|
The Thornton Law Firm announces that a class action lawsuit has been filed on behalf of investors of Sona Nanotech Inc. (OTC: SNANF). Investors who purchased Sona stock or other securities between July 2, 2020 and November 25, 2020 may contact the Thornton Law Firm to obtain a copy of the complaint or to discuss the lead plaintiff process. Interested investors are encouraged to submit their information above. Investors may email email@example.com or call 617-531-3917. Interested Sona investors have until February 16, 2021 to apply to be a lead plaintiff.
The case alleges that Sona and its senior executives made misleading statements to investors and failed to disclose that: (1) it was unreasonable for Sona to represent that it could receive results from field studies of its COVID-19 antigen test within a month; (2) Sona’s positive statements about its COVID-19 antigen test were unfounded as the FDA would deprioritize emergency use authorization approval of Sona’s antigen test finding it did not meet “the public health need” criterion; (3) 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; and (4) 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. When the public was made aware of the truth through a series of disclosures, Sona’s share price fell, thereby damaging investors.
The lawsuit alleges violations of the federal securities laws. The Private Securities Litigation Reform Act of 1995 allows any investor who purchased the securities at issue in the case during the Class Period to seek appointment as a lead plaintiff in the lawsuit. A lead plaintiff acts on behalf of all other investor class members in managing the class action and can select a law firm of their choice to litigate the lawsuit. Serving as a lead plaintiff does not impact an investor’s share in any potential recovery. Investors do not need to be a lead plaintiff to be a member of the class. If investors choose to take no action, they can remain an absent class member. Interested Sona investors have until February 16, 2021 to apply to be a lead plaintiff. The class has not yet been certified. Until certification occurs, investors are not represented by an attorney.
Thornton Law Firm's securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of investors. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
A class action lawsuit has been filed on behalf of investors in Sona Nanotech Inc. (SNANF) securities.
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