SEC issues preliminary injunction against Colorado biotech accused of $10M fraud
The SEC has obtained a preliminary injunction against a Colorado biotech and two execs accused of defrauding investors to the tune of $10 million.
A federal district court judge issued the preliminary injunction on Tuesday. The SEC noted:
In particular, the court ruled that the SEC had proved that the “defendants made material misrepresentations and omissions with scienter,” in violation of the Securities Act and Exchange Act, and that the SEC “ha[d] successfully made a substantial showing of a likelihood of future violations.” The court further held there was “no necessity for an asset freeze in this case,” stating, “defendants do not currently have any significant assets that could be frozen.”
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