As of May 11, 2020, twenty-five (25) public companies’ stock has been suspended from trading on the stock exchanges due to claims made about their COVID-19 related products. Investors, brokers, dealers and Asset Management companies should be wary and warned regarding claims these companies make about their products where the Securities and Exchange Commission deems the claims to be suspect. As an example:
“The Commission temporarily suspended trading in the securities of **** because of questions regarding the accuracy and adequacy of information in the marketplace since at least March 3, 2020. Those questions relate to, among other things, (i) ****’s statements claiming to have “technology perfected” to allow it to manufacture and sell a COVID-19 test kit that would provide results “in 15 seconds, based on a small finger prick blood sample,” and (ii) ****’s sales forecasts for the COVID-19 test kit that up to 525 million test kits would be sold in the first year of production.”
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