The SEC alleged that the press release of Applied BioSciences was false because it “did not offer or intend to sell the test kit for home or private use by the general public, and it had not begun shipping any test kits.” The federal securities regulator also noted that the company “intended to screen potential purchasers only to allow purchases in connection with use by nursing homes, schools, military, and first responders…”
Additionally, the SEC alleged that the company’s press release was “materially misleading” citing the fact that the company did not disclose that the Food and Drug Administration (FDA) hasn’t approved or authorized the sale of any COVID-19 at-home test kits.
The federal securities regulator filed its complaint against Applied BioSciences in the federal court of the Southern District of New York.
Allegations against Turbo Global
Turbo Global Partners is a penny stock company. It is operating as an investment management company and also doing business as Turbo Digital focusing on providing Indoor Display Syndicated Advertising services.
