Biotech Company, CEO Named In SEC Suit Over Alleged COVID-19 Blood Test Device

(December 21, 2020, 9:49 AM EST) -- NEW YORK — The Securities and Exchange Commission sued a biotechnology company and its CEO in New York federal court on Dec. 17, alleging that the defendants violated federal securities laws by misrepresenting to investors that the company had developed “breakthrough technology” for detecting COVID-19 through the use of a finger-prick that could detect the virus in less than a minute when, in fact, the company had not developed an actual test (Securities and Exchange Commission v. Keith Berman, et al., No. 20-10658, S.D. N.Y.)....

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