SEC Charges Applied Biosciences, Turbo Global for Covid Claims

SEC announces charges in two cases involving companies that claimed to offer products to combat the Covid-19 virus.

• SEC’s complaint against Applied Biosciences, filed in federal court in the Southern District of New York, charges the company with violating antifraud provisions of the federal securities laws
  • Seeks permanent injunctive relief and civil penalties
  • SEC says the company issued a press release on March 31 stating that it had begun offering and shipping finger-prick COVID-19 tests to the general public, but the tests were not intended for home use and could be administered only in consultation with a medical professional and ...