Frank Reynolds, CFO and CTO of PixarBio, made claims that his startup was in the midst of developing a non-opioid pain reliever that was going to end "thousands of years of morphine and opiate addiction."

According to the SEC and the U.S. Attorney for the District of Massachusetts, Reynolds claims were false and he and two of his associates at PixarBio now face civil and criminal prosecution.

Reynolds' attorney, Ballard Spahr partner David Axelrod, said his firm was going to "vigorously defend" Reynolds from the charges made against him.

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