The Securities and Exchange Commission (SEC) has filed charges against Decision Diagnostics and its CEO, Keith Berman, alleging that they made false and misleading claims for a rapid COVID-19 blood test.

According to the SEC, the company and its CEO falsely claimed they had come up with a finger- prick blood test that could detect COVID-19 in under a minute. At the time of the statements, the company lacked a proven method for detection and did not even have a physical testing device, the commission alleged.

Decision Diagnostics falsely claimed that their nonexistent test would soon hit the market, leading to price surges and increased trading of the company’s stock, the SEC alleged. The commission is seeking civil penalties against the firm and its CEO.