SEC v. Nutra Pharma Corp.

Nutra Pharma Corp. allegedly issued or posted a series of press releases that materially misled investors. The releases allegedly implied, among other things, that Nutra Pharma engaged a company to distribute its product internationally, when it had not, and that Nutra Pharma expanded and upgraded its cobra farm facilities, when it did not own those facilities or the cobras, and there were no expansions or upgrades at that time. As alleged in the SEC’s complaint, Nutra Pharma publicized many of these press releases while engaged in an unregistered distribution of its securities to retail investors. In addition, Nutra Pharma allegedly failed to make numerous required filings, including ones about the company’s sales of unregistered securities. According to the SEC’s complaint, Nutra Pharma violated Sections 5(a) and (c) and 17(a) of the Securities Act of 1933 and Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 and Rules 10b-5, 13a-11, and 13a-13 thereunder.

Summary generated from official Securities and Exchange Commission press release