The Securities and Exchange Commission has issued a cease-and-desist order to Salt Lake-based biotech company Co-Diagnostics over 'misleading press releases' regarding COVID-19 tests and undisclosed payments to family members.
, concerning a screening test it had developed to detect COVID-19, dubbed the "Logix Smart Test."
The latest incident comes after a class action lawsuit was filed in June 2020, alleging executives at Co-Diagnostics misrepresented its Logix COVID-19 test as being "100% accurate" in statements and news releases, a claim that it alleges was later shown to be false but only after the company's stock value saw dramatic increases.
On Feb. 6, Co-Diagnostics issued a press release stating that its test was "ready for sale to appropriate laboratories, hospitals and institutions in need of a solution to the current coronavirus epidemic." Similar to its stock performance after the Feb. 6 press release, the company's stock on Feb. 10 closed at $3.96, representing a 32% increase over the day prior, on a volume of 28,920,600, the order says.
The relevant related-person reporting thresholds for Co-Diagnostics were $29,791 for the fiscal year 2018, then $31,077 for the fiscal year 2019, and $18,842 for the fiscal year 2020.
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