SEC Sues Syringe Maker For Allegedly Inflating Stock

Law360, New York (September 21, 2012, 7:59 PM EDT) -- The U.S. Securities and Exchange Commission sued Revolutions Medical Corp. in Georgia federal court on Thursday, accusing the medical device maker of issuing false press statements about its flagship product, a retractable medical syringe, to artificially inflate its stock price.

Revolutions and Chief Executive Officer Rondald Wheet, who was named as a co-defendant in the suit, announced large contracts for the company’s syringe, but those transactions never existed, the SEC alleged, claiming the fabrications were used to inflate the stock price.

The SEC contended that the...
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