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SEC charges ex-CEO of medical device company with fraud, says some devices were ‘just a piece of plastic’

SEC charges ex-CEO of medical device company with fraud, says some devices were ‘just a piece of plastic’

By Ashley Capoot, CNBC

Laura Tyler Perryman, co-founder and former CEO of the medical device startup Stimwave Technologies, was charged with allegedly defrauding investors out of $41 million by making “false and misleading” statements about one of its devices, according to a complaint filed with the U.S. Securities and Exchange Commission Tuesday.

The complaint alleges that Perryman misrepresented a Stimwave device that was supposedly able to treat chronic nerve pain by using electrical signals. The device is made up of a transmitter, an electrode array and a receiver, which was “in reality, fake and nothing more than a piece of plastic,” according to the SEC. 

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