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In a complaint filed on Thursday in Manhattan federal court, the SEC said Chief Executive Keith Berman made materially false statements between March and June about what he claimed was his company’s blood testing kit, and its efforts to obtain Food and Drug Administration approval for its emergency use.
The SEC said all the California-based company had at the time was “a theoretical concept that had not yet materialized into a product,” and that Berman’s misstatements led to surges in Decision Diagnostics’ stock price and trading volume.
Decision Diagnostics did not immediately respond to requests for comment.
