We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
Accept
  • SKIP TO CONTENT
  • SKIP NAVIGATION
  • Drug & Device Products
    • FDAnews Books Library
    • Events
    • Form 483s Database
    • Publications
    • Webinar Training Pass
    • eCFR and Guidances
    • Books
  • Clinical Products
  • Advertising
  • White Papers
  • Contact Us
  • About Us
  • COVID-19
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Home » SEC TARGETS DIAGNOSTICS MAKER FOR UNREGISTERED STOCK SALES

SEC TARGETS DIAGNOSTICS MAKER FOR UNREGISTERED STOCK SALES

July 11, 2006

The SEC June 29 filed a complaint against Efoora, a manufacturer of rapid diagnostic tests, and its CEO, David Grosky -- along with an Efoora employee and a holding company controlled by Grosky -- for participating in an unregistered stock scheme worth nearly $50 million.

The complaint, filed in the U.S. District Court for the Northern District of Illinois, alleges that from January 2000 through April 2006, Efoora raised more than $48 million by selling more than 100 million shares of its stock using fake promotional materials to approximately 5,000 investors.

Efoora, directly and through a network of unregistered brokers or "finders," solicited investors by making a series of false and misleading statements about its business, including statements on:

The amount of offering proceeds paid to finders; Plans to conduct an initial public offering; When the FDA would approve its products for sale in the U.S.; and Its projectcd profits.

The complaint can be viewed at www.sec.gov/litigation/complaints/2006/comp19752.pdf (http://www.sec.gov/litigation/complaints/2006/comp19752.pdf).

KEYWORDS FDAnews Device Daily Bulletin

Upcoming Events

  • 09Feb

    The Inextricable Link Between Data Integrity and Quality Culture

  • 15Feb

    Advanced Compliance Writing CAPA: Mastering Failure Investigation and Root Cause Analysis

  • 16Feb

    Fundamentals of FDA Inspection Management: Reduce Anxiety, Increase Inspection Success

  • 22Feb

    Best Practices for Developing and Maintaining a GxP Training Matrix

  • 07Mar

    FDA’s Remote Assessments v. Remote Interactive Evaluations: Do You Really Know the Difference?

  • 08Mar

    Medical Device Cybersecurity: The Regulatory Landscape and How to Defend Your Practices During an Inspection

Featured Products

  • FDA’s New Quality System Regulation: Transitioning from QSR to ISO 13485

    FDA’s New Quality System Regulation: Transitioning from QSR to ISO 13485

  • Selecting and Implementing Electronic Document Management Systems in the EU

    Selecting and Implementing Electronic Document Management Systems in the EU

Featured Stories

  • FDA Updates Smiths Medical CADD System Recall to Class I

  • Eisai’s New Alzheimer’s Drug Leqembi Hits the U.S. Market

  • Boston Scientific’s Single Use Ureteroscope Gets FDA Clearance

  • Gilead’s Trodelvy Gets Expanded Approval in Breast Cancer

The Revised ICH E8: A Guide to New Clinical Trial Requirements

Learn More
  • Drug Products
    • Quality
    • Regulatory Affairs
    • GMPs
    • Inspections and Audits
    • Postmarket Safety
    • Submissions and Approvals
    • Research and Development
    • Commercial Operations
  • Device Products
    • Quality
    • Regulatory Affairs
    • QSR
    • Inspections and Audits
    • Postmarket Safety
    • Submissions and Approvals
    • Research and Development
    • Commercial Operations
  • Clinical Products
    • Trial Design
    • Data Integrity
    • GCP
    • Inspections and Audits
    • Transparency
  • Privacy Policy
  • Do Not Sell or Share My Data
Footer Logo

300 N. Washington St., Suite 200, Falls Church, VA 22046, USA

Phone 703.538.7600 – Toll free 888.838.5578

Copyright © 2023. All Rights Reserved. Design, CMS, Hosting & Web Development :: ePublishing