January 15, 2021 - An investor in shares of Decision Diagnostics Corp. (OTC: DECN) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Decision Diagnostics Corp. in connection with certain allegedly false and misleading statements made between March 3, 2020 and December 17, 2020.
Westlake Village, CA based Decision Diagnostics Corp. develops smart phone based electronic medical record (EMR) technologies. Decision Diagnostics Corp claimed early in the year that it had a finger prick test that could detect the novel coronavirus and return results in less than one minute.
On December 17, 2020, the U.S. Securities and Exchange Commission ( SEC ) filed a lawsuit alleging Decision’s claims were untrue.
Shares of Decision Diagnostics Corp. (OTC: DECN) declined from $0.45 per share in August 2020 to as low as $0.01 per share on December 21, 2020.
According to the complaint the plaintiff alleges on behalf of purchasers of Decision Diagnostics Corp. (OTC: DECN) common shares between March 3, 2020 and December 17, 2020, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 3, 2020 and December 17, 2020, the Defendants made false and/or misleading statements and failed to disclose to investors that Decision Diagnostics had not developed any viable COVID-19 test, much less a test that could detect COVID-19 in less than one minute, that the Company could not meet the FDA's EUA testing requirements for its purported COVID-19 test, that accordingly, Defendants had misrepresented the timeline within which it could realistically bring its COVID-19 test to market; (iv) all the foregoing subjected Defendants to an increased risk of regulatory oversight and enforcement, and that as a result, Defendants' public statements were materially false and misleading at all relevant times.