The Securities and Exchange Commission (SEC) filed separate complaints against Applied BioSciences and Turbo Global Partners for allegedly making misleading statements about its initiatives to prevent the spread of COVID-19.
The federal securities regulator also named Robert W. Singerman, the CEO of Turbo Global, as a defendant in its lawsuit against the company.
Allegations against Applied BioSciences
Applied BioSciences is a microcap company focused on the development and commercialization of novel, science-driven, synthetic cannabinoid therapeutics/biopharmaceuticals.
In the complaint, the SEC alleged that the company tried to “exploit the COVID-19 pandemic for profit” by dramatically shifting its focus to manufacturing pandemic-related products.
According to the federal securities regulator, on March 31, Applied BioSciences issued a press release claiming that is was offering and shipping COVID-19 home test kits to the general public to prevent the spread of the virus. The company also touted that it is easy to use its home test kits because it only requires a finger prick and people will get results in less than 15 minutes.
