Processing your request


please wait...

Case Page

 

Case Status:    DISMISSED    
On or around 03/18/2022 (Date of order of final judgment)

Filing Date: December 17, 2020

According to the Complaint, Sona Nanotech Inc. purports to be engaged in researching and developing gold nanorod products for diagnostic test and medical treatment applications.

The Complaint alleges Defendants throughout the Class Period made false and/or misleading statements and/or 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 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; (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; (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; and (5) 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.

On March 16, 2021, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 20-CV-11405.

Lead Plaintiff filed an amended consolidated Complaint on April 19, 2021. Defendants filed a Motion to Dismiss the amended consolidated Complaint on May 19. On October 28, the Court issued an Order granting Defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint.

Lead Plaintiff filed a second amended consolidated Complaint on November 12, 2021. Defendants filed a Motion to Dismiss the second amended consolidated Complaint on November 29. On March 18, 2022, the Court issued an Order granting Defendants' Motion to Dismiss. The case was dismissed with prejudice.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.