Le Lézard
Classified in: Business
Subject: LAW

Medical device company's officer and director admits to misrepresentations

VANCOUVER, BC, Oct. 25, 2023 /CNW/ - A now-dissolved medical device company and its sole officer and director have paid $70,000 to the B.C. Securities Commission (BCSC) for misrepresenting aspects of the company's finances, the status of its intellectual property and regulatory approval, and the ways it would use investors' money.

The company, Lenis Medicals Ltd., and the officer and director, Hassan Seyed Salari of Vancouver, were developing a new technology for injecting medication.

Lenis raised about $1.9 million from 11 investors in 2018 using an offering document that contained several untrue material statements or omissions of material facts:

Salari must resign as a director or officer of any issuer or registrant (other than an issuer owned by his family's trust). He is prohibited for seven years from:

Salari also will consent to orders of any other Canadian securities regulator that are based on the BCSC's order.

About the B.C. Securities Commission (www.bcsc.bc.ca)

The B.C. Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

Learn how to protect yourself and become a more informed investor at www.investright.org

SOURCE British Columbia Securities Commission

These press releases may also interest you

at 19:38
Today, Anheuser-Busch reached a tentative collective bargaining agreement with the International Brotherhood of Teamsters, which represents A-B employees at our 12 major breweries across the U.S.   This tentative agreement builds even further upon...

at 19:27
Talos Energy Inc. ("Talos" or the "Company") today announced its operational and financial results for fiscal quarter and full year ended December 31, 2023. Talos also announced its year-end 2023 reserves estimates and the Company's 2024 operational...

at 19:11
Ball Corporation ("Ball") announced today the early results of its previously announced offers to purchase for cash (i) any and all of the $1,000,000,000 aggregate principal amount of its outstanding 5.25% Senior Notes due 2025 (the "2025 Notes")...

at 19:04
NB Bancorp, Inc. (the "Company") , the holding company of Needham Bank, today announced its 2023 financial results. Concurrent with its mutual-to-stock conversion and as described in the prospectus for its initial public offering ("IPO"), the...

at 18:52
CCA Industries, Inc. , announced today its results for the year ended November 30, 2023.  The results can be found on the chart below. Net loss was $422,866 for the year ended November 30, 2023, as compared to a net loss of $54,017 for the year...

at 18:47
Today, the International Brotherhood of Teamsters reached a five-year tentative agreement significantly raising pay, improving health care and retirement benefits, and providing critical job security for all 5,000 Teamsters at Anheuser-Busch...

News published on and distributed by: