Medical Tech President Faces SEC Suit Over Covid Test Claims

Arrayit Corp.'s president and chief science officer made misleading statements about the development status of the company’s coronavirus blood test, the SEC told a federal court in California Friday.

Mark Schena falsely told investors in emails that Arrayit had a test for Covid-19 before the company even “possessed all the essential components for such a test,” the Securities and Exchange Commission said in the U.S. District Court for the Northern District of California. Prosecutors made similar allegations in a parallel criminal case unveiled in June.

Schena also falsely told investors that Arrayit’s test was “pending emergency approval” in March, even ...