The British Columbia Securities Commission is warning the public to “exercise extreme caution” in dealing with companies aggressively promoting products or initiatives to detect, cure or treat COVID-19.
The securities commission singled out Revive Therapeutics Ltd., which is currently promoting a potential cure to the virus in North America and Europe.
The pharmaceutical company is based in Ontario and listed on the Canadian Securities Exchange.
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“Germany’s Federal Financial Supervisory Authority has issued an investor alert about Revive, warning that buy recommendations are currently being made on a large scale in the form of market letters and e-mails,” a statement from the B.C. Securities Commission reads.
“The promotions in Germany make aggressive claims about Revive’s potential success in treating COVID-19 and the prospects of investors receiving large profits.”
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The commission is reminding investors to be cautious when considering aggressive promotions as a basis for investment decisions as these promotions may make false claims of large profits.
2:09Coronavirus fraudster warning
Coronavirus fraudster warning
The warning can also be extended to the public consuming the information with their own health in mind.