By Paul Rubin, Jacob Stahl and Melissa Runsten (April 16, 2021, 5:49 PM EDT) -- On March 18, the U.S. Attorney's Office for the Northern District of California unsealed a 47-count indictment alleging that the co-founders of uBiome Inc. engaged in fraud. The U.S. Securities and Exchange Commission filed a civil complaint against these individuals the same day.
The actions by the U.S. Department of Justice and SEC are based on the same core allegations, i.e., that uBiome, under the leadership of the defendants, made false and misleading statements to health insurers and investors about the company's supposedly innovative clinical microbiome sequencing tests and widespread insurance coverage. uBiome was also accused of relying on members of...
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