SEC Charges Top Executive of California Microcap Company for Misleading Claims Concerning COVID-19 Test and Financial Statements

The Securities and Exchange Commission today charged Mark Schena, the President and Chief Science Officer of Arrayit Corporation, for making allegedly false and misleading statements concerning Arrayit's development of a COVID-19 blood test and its intention to resolve its delinquency in filing required periodic reports with the SEC. According to the SEC's complaint, in March and April 2020, Schena falsely claimed that Arrayit had developed a COVID-19 blood test when it had not yet purchased materials to make a test. As alleged, Schena also falsely asserted that the test had been submitted for emergency approval, and falsely boasted to investors that there was a high demand for the test.