SAN DIEGO and KNOXVILLE,
Tenn., June 2, 2014 /PRNewswire/ --
Shareholder rights law firm Robbins Arroyo LLP announces that an
investor of Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT) has
filed a federal securities fraud class action complaint in the U.S.
District Court for the Middle District of Tennessee, Nashville Division. The
complaint alleges that the company and certain of its officers and
directors violated the Securities Exchange Act of 1934 between
December 17, 2013 and May 22, 2014 (the "Class Period").
Provectus is a pharmaceutical company that is engaged in developing
pharmaceuticals for oncology and dermatology
indications.
Provectus Accused of Misrepresenting Its PV-10
Drug
According to the complaint, shares of Provectus fell multiple
times beginning with an initial decline of $3.35 per share, or nearly 64%, to close at
$1.87 per share on January 23, 2014, following an article published
on TheStreet.com that alleged Provectus misled investors
about the prospects for its PV-10 skin cancer drug by questioning
why the company had not begun phase 3 of the trial after completing
Phase 2 in 2010. The article also speculated that the PV-10 drug
may be obsolete in light of new skin cancer drugs being developed.
Shortly thereafter, on May 22, 2014,
Provectus shares fell an additional $0.22 per share, or nearly 10%, to close at
$2.02 following a series of articles
on TheStreet.com and SeekingAlpha.com, which further
alleged that Provectus (i): labeled its PV-10 drug as a
breakthrough drug for skin cancer prior to the U.S. Food and Drug
Administration's approval of it as such and; (ii) was tied to a
stock promotion firm whose other stock recommendations were
recently halted by the U.S. Securities and Exchange Commission.
Despite Provectus's denial of such allegations, trading of the
company's stock was halted at $2.02
per share on May 23, 2014.
Provectus Shareholders Are Encouraged to Contact
Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Provectus and would like to discuss your
shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003,
DDonahue@robbinsarroyo.com, or via the information form on the
firm's shareholder rights blog
https://www.robbinsarroyo.com/shareholders-rights-blog/provectus/
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
Logo -
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO
SOURCE Robbins Arroyo LLP