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.
“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.