Cocrystal Pharma, Inc. (COCP) Officials Accused of Engaging in Illegal Pump-and-Dump Scheme

According to the complaint the company's officers and directors for alleged breaches of fiduciary duties, unjust enrichment, waste of corporate assets, and violations of the Securities Exchange Act of 1934, BioZone officials schemed to artificially inflate the company's stock price and sell their shares at a significant profit. To effectuate their scheme, they organized undisclosed stock promotions to increase the trading volume of the company's stock, causing its value to more than double despite a lack of change or improvement in the company. After reaping massive profits, they carried out another reverse merger through which BioZone became Cocrystal Pharma and solicited Cocrystal stockholder votes for director re-election, all while hiding the company's liability for the pump-and-dump scheme. As a result of the company's unlawful actions, Cocrystal will spend millions of dollars to defend itself against the claims of a pending securities class action, to undertake internal investigations, and for expenses related to the investigation by the Federal Bureau of Investigation.

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