NEW YORK, June 27, 2014 /PRNewswire/ -- Pomerantz LLP
has filed a class action lawsuit against Provectus
Biopharmaceuticals, Inc. ("Provectus" or the "Company")(NYSE-MKT:
PVCT) and certain of its officers. The class action, filed in
United States District Court, Middle District of Tennessee, Nashville Division, is on behalf of
a class consisting of all persons or entities who purchased or
otherwise acquired Provectus securities between December 17, 2013 and May
22, 2014, both dates inclusive (the "Class Period"). This
class action seeks to recover damages against Defendants for
alleged violations of the federal securities laws pursuant to
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and
Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Provectus securities
during the Class Period, you have until July
28, 2014 to ask the Court to appoint you as Lead Plaintiff
for the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, x237. Those who inquire by e-mail are encouraged to include
their mailing address, telephone number, and number of shares
purchased.
Provectus is a development-stage biopharmaceutical company that
focuses on developing pharmaceuticals for oncology and dermatology
indications. The most important drug in the Company's pipeline is
an oncology drug, PV-10, which is intended for the treatment of
several life threatening cancers, including metastatic melanoma,
liver cancer, and breast cancer.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, defendants made false and/or misleading
statements and/or failed to disclose that: (i) the Company utilized
the services of paid stock promoters to inflate its share price;
(ii) contrary to the Company's representations, preparations were
not underway for a Phase 3 study for PV-10; and (iii) the Company
improperly referred to PV-10 as obtaining a Breakthrough Therapy
Designation ("BTD"), and otherwise implied that obtaining that
status was inevitable.
On January 23, 2014, an article
was published on TheStreet.com, accusing Provectus of
artificially inflating the price of its stock by making false
representations related to the commencement of Phase III clinical
trials.
On this news, the Company's shares declined $3.35, or over 64%, to close at $21.87 on January 23,
2014.
Prior to May 20, 2014, the
Company's website improperly described its PV-10 drug as a
"breakthrough" drug for skin cancer, prior to the FDA's designation
of the drug as such. On May 20,
2014, the Company updated its website and changed the
description of PV-10 to "An Investigational Drug for Cancer" and
included language clearly indicating that the drug was still
awaiting BTD designation by the FDA.
On this news, Provectus securities declined $0.31 per share, or over 10%, to close at
$2.70 per share on May 20, 2014.
On May 21, 2014, an article was
published on SeekingAlpha.com alleging that the Company was
tied to stock promoters that improperly marketed the Company's
stock to unsophisticated retail investors, thus artificially
inflating the price of the Company's shares. The article
noted that trading in many of the other companies associated with
these stock promoters was recently halted by the SEC. That
same day, Provectus issued a press release refuting the allegations
of the SeekingAlpha.com article. Provectus
specifically noted that PV-10, its investigational metastatic
melanoma therapy, had not failed the breakthrough therapy
designation, but was awaiting a decision from the FDA as to the
status of its request. Additionally, Provectus further denied any
affiliation with stock promoters.
On this news, the Company's shares declined $0.46, or over 17%, to close at $2.24 on May 21,
2014.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San
Diego, is acknowledged as one of the premier firms in the
areas of corporate, securities, and antitrust class litigation.
Founded by the late Abraham L.
Pomerantz, known as the dean of the class action bar, the
Pomerantz Firm pioneered the field of securities class actions.
Today, more than 70 years later, the Pomerantz Firm continues in
the tradition he established, fighting for the rights of the
victims of securities fraud, breaches of fiduciary duty, and
corporate misconduct. The Firm has recovered numerous
multimillion-dollar damages awards on behalf of class members. See
www.pomerantzlaw.com.
CONTACT:
Robert S.
Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
SOURCE Pomerantz LLP