CORAL SPRINGS, Fla., March 22, 2024 (GLOBE NEWSWIRE) -- Nutra Pharma Corporation (OTC:NPHC), ("Nutra Pharma" or the "Company") reached a settlement with the U.S. Securities and Exchange Commission ("SEC") earlier this week.
On March 19, 2024, the United States District Court for the Eastern District of New York in SEC v. Nutra Pharma Corporation, Erik Deitsch a/k/a Rik Deitsch, and Sean Peter McManus, Case No. 1:18-cv-05459-JS (E.D.N.Y.), approved bifurcated settlements in the form of consent judgments (the "Consent Judgments") entered by the Court, wherein the Defendants, without admitting or denying the allegations of the Complaint except as to personal and subject matter jurisdiction, resolved all liability issues and certain remedies as to each Defendant and left open other issues relating to remedies regarding the appropriateness and amount of disgorgement and/or civil penalties to be paid as to all Defendants, and whether a penny stock bar shall be imposed against Defendant McManus, and if so, the length of any such bar, for later resolution by the Court upon motion or further settlement. The Consent Judgments, among other things:
(1) Permanently enjoin Defendant Nutra Pharma from committing violations of the federal securities laws that the SEC has alleged in this case, including violations of Sections 5(a), 5(c), and 17(a) of the Securities Act of 1933 (the "Securities Act"), Sections 10(b) and 13(a) of the Securities Exchange Act of 1934 (the "Exchange Act"), and Rules 10b-5, 13a-11, and 13a-13 thereunder;
(2) Permanently enjoin Defendant Deitsch from committing violations of the federal ...