Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
I was referring to the doctor that plead guilty. I believe she admitted that they were knowingly billing insurance for tests that were not even given. That is not a simple mistake, it shows intent.
Curious if anyone knows. I think I saw Mark Schena posted a $2 million bail. Did he cover this outright or pay a bondsman $200k?
Sloan my biggest issue isn’t if they were trying to actually help with the corona test or not. But that a doctor in their allergy network plead guilty to actively committing fraud against Medicare and private insurance by offering unneeded tests, and much worse, I believe she said they billed for tests that weren’t even performed. That is a pretty blatant and malicious action. Can’t really see any path forward for a company that relies on insurance for their business but gets caught fraudulently taking their money.
Alyssa, sorry if you’ve answered this already but I haven’t read the board in awhile. I think you have some interesting insight so wanted to hear your thoughts on this. Even if it comes out that the sec has been heavy handed about the covid test, how do you reconcile one of ARYCs doctors pleading guilty to defrauding Medicare and insurance and receiving illegal kickbacks from ARYC to use their allergy tests? I don’t work in healthcare or understand the insurance world too well, but I can’t imagine that if aryc stays in business after this Medicare or any other insurance would cover their tests given the charges that they’ve been fraudulently charging for their tests. To me this is the most damning information from everything that has come out since it was supposed to be what was making them so much money.
Lol. What do you anticipate will result from that? A shareholder complaining to his face (as opposed to the hundreds of emails/calls) is going to make him do anything differently?
I assume if they’re removed from the list without an announcement of approval
I agree that is possible. However, without knowing all the details of the why and what exactly happened, hard to say either way.
If we learned they sold a bunch of shares before that date, I could see your point for sure. But if they didn’t benefit, then is it fraud? I think the line between poor management and fraud would lie in if someone benefitted from said actions. And again, I don’t know all the details, but it doesn’t appear they did.
Which could mean they submitted it after, or the FDA didn’t update their site until after. I’m not saying either way is right, just that that doesn’t mean anything.
I’m not sure I follow this logic. What fraud are you referring to? Do you mean fraud in that they were selling a covid test without approval? Remember they were allowed to do that per the fda guidelines as long as they submitted their test for review, which they did. Wouldn’t FDA approval further solidify this point?
Well we can only make guesses at this point. Maybe with the suspension they’re waiting until the verdict from their submission is returned? Once approved maybe they’ll make an official announcement then...
Curious who you think has the power to demand Mark file financials on this board? Everyone here wants them. If someone had the power to tell the owner of a company to do something and he had to do it, it would have been done by now.
Currently we know FDA review is underway. If you reach out they’ll confirm as much. Couldn’t get anymore info from them on timeline or how it’s going though.
Also we know they filed for an extension of 60 days because they were working on a resolution with iconic. I don’t remember the exact date but that has to be coming up in the next month. Although many courts have been closed for civil cases, so hopefully that doesn’t impact this.
Why? What do their financials have to do with their tech capabilities?
For anyone holding, i can’t understand why you would sell now before that at least is resolved. The FDA has them on their website on the pending list and we’ve seen what happens when companies get that authorization.
Even if you hate the company and don’t like how it’s run, it doesn’t make any sense to sell at this point with their covid test on the FDA’s pending list.
Post*
I admittedly don’t use Facebook, I just clicked that link from the app on my phone and right below the post it said pages liked by then had a link to the FDA. Not sure if I am seeing it correctly. Still trying to play the screenshot
I noticed that too. Hopefully they approve the dang thing soon!
So still a waiting game then. Well two things we know for certain are 1 - ARYC is on the FDA covid website as a company waiting to be reviewed. And 2 - the last document filed in the iconic case requested 60 days from the date it was filed as they were working out a resolution. Hopefully the outcomes from those two things bring positive news. We could use some.
Mike - this is a bit confusing. New territory for me, as most here. That date made sense to me before, and it made sense that the SEC would step in if that failed to file by then. But since the SEC ended up suspending before that date came and delisted them to the expert market, what further action could the SEC take? They’ve basically already received the penalty they would have been handed had they not upheld that form 15, so is that form 15 moot at this point?
Interesting. I was admittedly pretty concerned if this was to be only traded by call in orders. Glad to hear it can be done over E*TRADE regularly like before.
What is the difference between the grey and expert market? On otcmarkets.com I’m seeing it listed under expert market
‘From what I’ve seen’
You literally quoted what I said. I don’t have or know everything they do.
I’ve had a few email exchanges with Mark. I don’t think he would tell me anything of value about the current situation. Unfortunately all we can do is wait. They either file or they don’t. Even if they do it will still likely be a long journey to get out of the current situation. Given this is kind of a unique situation I have no idea what the process looks like if they take the proper steps to get out of it.
I’m curious, how does the announcement need to look? Yes people posted it on this board, but there were numerous medical agencies popping up that were selling their tests. The proof was out there for people to see whether it was posted on this board or whether there was an official announcement or not. I’m genuinely confused as to why it is being claimed they didn’t announce the test, as if it was a law they had to do it a specific way? Clearly it was announced to the people who sell and market it...
Unless I’m missing something I just don’t understand your point here? You’ve repeatedly made the ‘lucky few’ claim about receiving emails. However, as far as I know, many people received similar responses from the company when they reached out, including people invested who don’t post here. And again, their tests were already being sold publicly by the aforementioned companies. So the email responses weren’t secret info. They came out the same time the companies who were selling their tests did.
Yes the company is suspended. And rightfully so. But as far as I can tell from what I’ve seen, not because of the covid announcement. They need to file financials. Bottom line. Nothing else really matters at this point. If they are making a billion dollars or losing a billion dollars, it means nothing unless they file and work to get out of their current situation.
Catty - I was one of the people that visited, what info were you looking for? I didn’t post any pictures as I didn’t take any. I posted a summary way back when (over two years ago now) but am happy to clarify anything you may be curious on...
Haha I’m surprised you made it this long arguing with people on this board. Good choice though, no point in engaging. We’ll either hear some news next week or we won’t. Good luck bud.
You say what they don’t have... Are you saying they don’t have a test? While you reference an article quoting a doctor who very clearly states they do have a test?
Some people willing choose not to get things.
A lot of money spent on shares this morning
Do you know what average time for FDA approval is? Years. This situation is exceptionally different, hence them creating emergency authorizations. How can any logical person equate a regular FDA approval process with this?
What’s odd about it? If the FDA approves their test, they will need to announce it. Maybe stop equating the opinions of people posting on this board with absolute truth of what’s going on.
I’d like to think ARYC is one of those tests that are soon coming. Probably holding off on any PR until that is announced
Haha. I’m sure once Aryc passes that final step and gets approval we’ll be reminded the FDA is a scam or some other ridiculous negative spin
Thanks for posting this
Yeah exactly. It’s comical at this point.
What does this post have to do with ARYC?
I have thought this as well. My hope is once the Iconic suit settles we can get back to some normalcy
Keep sending info to the SEC. ARYC has been doing the same (remember the form 15 they approved?). I’m sure the SEC needs info from posters on ihub as they haven’t already looked into all of this themselves. What would this world do without you guys?
They likely have a special folder in their email for when they receive emails from you. I’d guess the name of that folder is trash or ignore or something like that
I signed up as well and got the same thing. There is a place you can enter your insurance info as well to help cover the 49 dollar visit fee