APPLIED BIOSCIENCES CORP REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/applied-biosciences-corp-5YCWM/they-spreading-covid19-misinformation-id5ydqg .
They Are Spreading Covid-19 Misinformation
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
Applied BioSciences Corp has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:
Full Report On Applied BioSciences Corp
On December 4, 2020, the U. S. District Court for the Southern District of New York entered a final judgment against Applied BioSciences Corp. in connection with the company's fraudulent claims in a press release that it was offering and shipping products to combat the COVID-19 virus.
As alleged in the Commission's complaint, filed on May 14, 2020, Applied BioSciences fraudulently stated in a March 31, 2020 press release that it had begun offering and shipping finger-prick COVID-19 tests to the general public that could be used for "Homes, Schools, Hospitals, Law Enforcement, Military, Public Servants or anyone wanting immediate and private results." The complaint alleged that contrary to these claims, the tests were not intended for home use by the general public and could be administered only in consultation with a medical professional. The complaint further alleged that Applied BioSciences had not shipped any COVID-19 tests as of March 31, 2020 and its press release failed to disclose that the tests were not authorized by the U.S. Food and Drug Administration.
Without admitting or denying the allegations in the complaint, Applied Biosciences consented to the entry of a final judgment enjoining it from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and ordering it to pay a $25,000 civil penalty.
Conclusion: Applied BioSciences Corp Is A Fraud
The report on SEC clearly suggests that Applied BioSciences Corp never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.
Help Us Fight These Criminals
Do you have evidence against Applied BioSciences Corp or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database