The Securities and Exchange Commission today announced charges against Rising Biosciences, Inc. and its Chief Executive Officer, Arthur Hall, for making false and misleading statements regarding disinfectant products Rising Biosciences purportedly launched in response to COVID-19. The SEC previously issued an order [https://www.sec.gov/litigation/suspensions/2020/34-89646-o.pdf] on August 25, 2020, temporarily suspending trading in the securities of Rising Biosciences.

According to the SEC's complaint, filed in the U.S. District Court for the Northern District of Ohio, Rising Biosciences and Hall made false and misleading statements in press releases, on websites, and in social media videos that Rising Biosciences' disinfectant products, including Oxithymol, Oxi Thyme, and/or their ingredients, were CDC approved or EPA registered. The complaint alleges that neither Oxithymol nor its purported ingredients were CDC approved, and the EPA has not registered Oxithymol or Oxi Thyme for any use. The complaint also alleges that Rising Biosciences did not use Oxithymol in its Oxi Thyme system, but instead purchased, rebottled, and sold a product produced by another company for use in the Oxi Thyme system. The other company's product is EPA registered as a pesticide. It is not registered for use in killing viruses and does not appear on the EPA's "List N" of products that meet EPA criteria for use against the virus that causes COVID-19, according to the complaint.

The SEC's complaint alleges that Rising Biosciences and Hall violated the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks permanent injunctions, disgorgement, prejudgment interest, and civil penalties against them. The complaint also seeks director and officer and penny stock bars against Hall.

The SEC's investigation was conducted by Stephanie Reinhart and Rebecca Hollenbeck and supervised by Amy Flaherty Hartman of the Chicago Regional Office. The litigation will be led by Jonathan Polish and Ms. Reinhart and supervised by John Birkenheier. The Commission appreciates the assistance provided by the Financial Industry Regulatory Authority and the Environmental Protection Agency.