The Securities and Exchange Commission filed suitDec. 14 in the U.S. District Court for the District of Massachusetts against a biopharmaceutical company and three individuals, including the company’s chief executive officer, saying they defrauded investors of approximately $9 million by making material misrepresentations regarding drug trials for a key product (SEC v. BioChemics Inc.).
In a release, the commission said the defendants also lied to investors about collaborations with other major drug companies and created false valuations of the entity’s stock.
The defendants include Danvers, Mass.-based BioChemics Inc., its CEO John Masiz, and stock promoters Craig Medoff ...
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