Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Provectus Biopharmaceuticals, Inc.
June 18 2014 - 5:42PM
Business Wire
Cohen Milstein Sellers & Toll PLLC is conducting an
investigation to determine whether Provectus Biopharmaceuticals,
Inc. (“Provectus” or the “Company”) and certain of its officers and
directors made false and misleading statements and/or omissions in
violation of Sections 10(b) and 20(a) of the Securities Exchange
Act of 1934.
The first of several class action lawsuits was filed in the U.S.
District Court for the Middle District of Tennessee by another law
firm on behalf of purchasers of the common stock of Provectus
Biopharmaceuticals, Inc. (NYSE: PVCT) between December 17, 2013 and
May 22, 2014, inclusive (the “Class Period”).
Provectus Biopharmaceuticals, Inc. is a biopharmaceutical
company engaged in developing pharmaceuticals for oncology and
dermatology indications. Its product line includes oncology drug
PV-10, which completed a Phase II study for metastatic melanoma.
The complaints allege that Provectus and certain of its officers
and directors (“Defendants”) misrepresented and/or failed to
disclose: (1) the true development status and prospects for PV-10,
including that it was highly unlikely that the FDA would grant
PV-10 breakthrough therapy designation (“BTD”) status; (2) the true
purpose of the Company’s Type C meeting with the FDA; and (3) that
paid stock promoters with ties to the Company were helping
artificially drive up the price of the Company’s stock.
On January 23, 2014, Adam Feuerstein published an article on
TheStreet.com alleging that Provectus management had misled
investors about the prospects for PV-10, questioning why Provectus
had not yet started its promised Phase 3 randomized controlled
trial of PV-10 and speculating that PV-10 may be obsolete in light
of new skin cancer drugs being developed. The price of Provectus
stock fell $3.35 per share to close at $1.87 per share on January
23, 2014, a decline of nearly 64%. On May 20, 2014, Feuerstein
noted in another article published on TheStreet.com that Provectus
had initially described its PV-10 drug as a "breakthrough" drug for
skin cancer on its website, but had later amended its description
to "investigational.” Subsequently, on May 21, 2014, an article on
SeekingAlpha.com also highlighted the failure of Provectus to
commence a Phase 3 trial of PV-10 and alleged that the Company was
tied to a stock promotion firm whose other stock recommendations
had recently had trading in their stock halted by the SEC. The
Company’s stock dropped $0.22 per share to close at $2.02 on May
22, 2014. On May 23, 2014, trading in Provectus stock was halted at
$2.02 per share.
Cohen Milstein encourages all investors who purchased Provectus
common stock between December 17, 2013 and May 22, 2014, or former
employees with information concerning this matter to contact the
firm.
If you are a Provectus shareholder and would like to discuss
your right to recover for your economic loss, you may, without any
cost or obligation, call Cohen Milstein’s Managing Partner, Steven
J. Toll at (888) 240-0775 or (202) 408-4600, or email him at
stoll@cohenmilstein.com. If you wish to serve as lead plaintiff,
you must move the Court no later than July 28, 2014 to request that
the Court appoint you as lead plaintiff. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. To be appointed lead plaintiff, the Court
must decide that your claim is typical of the claims of other class
members, and that you will adequately represent the class. Your
share in any recovery will not be enhanced or diminished by the
decision whether or not to serve as a lead plaintiff. Any member of
the proposed class may retain Cohen Milstein Sellers & Toll
PLLC or other attorneys to serve as your counsel in this action, or
you may do nothing and remain an absent class member.
Cohen Milstein Sellers & Toll PLLC has significant
experience in prosecuting investor class actions and actions
involving securities fraud. The firm has offices in Washington,
D.C., New York, Chicago, Philadelphia and Palm Beach Gardens, and
is active in major litigation pending in federal and state courts
throughout the nation.
The firm has been repeatedly appointed by federal courts across
the country to lead positions in complex multi-district or
consolidated litigation. Cohen Milstein Sellers & Toll PLLC has
taken a lead role in numerous important cases on behalf of
defrauded investors, and has been responsible for a number of
outstanding recoveries which, in the aggregate, total over one
billion dollars. Prior results do not guarantee a similar outcome.
For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or
with regard to your rights, please contact either of the
following:
Steven J. Toll, Esq.Rhys TuckerCohen Milstein Sellers & Toll
PLLC1100 New York Avenue, N.W.West Tower, Suite 500Washington, D.C.
20005Telephone: (888) 240-0775 or (202) 408-4600Email:
stoll@cohenmilstein.com; rtucker@cohenmilstein.com
Attorney Advertising
Cohen Milstein Sellers & Toll PLLCSteven J. Toll,
Esq.888-240-0775 or 202-408-4600stoll@cohenmilstein.comorRhys
Tucker888-240-0775 or 202-408-4600rtucker@cohenmilstein.com
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