SHAREHOLDER ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Reminds Investors of Provectus Biopharmaceuticals, Inc. ...
July 03 2014 - 10:34PM
Business Wire
Encourages Investors with Losses in Excess of $100,000 to
Contact the Firm
Shareholder rights law firm Johnson & Weaver, LLP reminds
investors of the July 28, 2014 lead plaintiff deadline in a
securities class action lawsuit filed by the firm against Provectus
Biopharmaceuticals, Inc. (NYSE: PVCT). If you purchased Provectus
common stock during the period between December 17, 2013 and May
22, 2014 (the “Class Period”), and suffered significant losses, you
are encouraged to contact the firm regarding your legal rights.
Additional Information about the
Lawsuit:
Provectus and certain of its executives are charged with issuing
a series of materially false and misleading statements during the
Class Period, violating federal securities laws.
The complaint, which was filed in the United States District
Court for the Middle District of Tennessee, alleges that throughout
the Class Period, defendants violated the federal securities laws
by issuing false and misleading statements to investors regarding
the prospects for the drug PV-10. As a result of defendants’ false
statements, Provectus stock traded at artificially inflated prices
during the Class Period, reaching a high of $5.22 per share on
January 22, 2014.
On January 23, 2014, Adam Feuerstein published an article on
TheStreet.com alleging that Provectus management 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. On this news, Provectus’s stock
price fell $3.35 per share to close at $1.87 per share on January
23, 2014, a decline of nearly 64% on volume of 30.5 million shares.
On May 20, 2014, Feuerstein noted in an article published on
TheStreet.com that on its website, Provectus had initially
described its PV-10 drug as a “breakthrough” drug for skin cancer,
but had later amended its description to “investigational.”
Subsequently, on May 21, 2014, an investment community blog on
SeekingAlpha.com 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. On the same day,
Provectus issued a press release refuting alleged inaccuracies in
the blog on SeekingAlpha.com. On this news, Provectus’s stock price
dropped $0.22 per share to close at $2.02 per share on May 22,
2014, a one-day decline of nearly 10%, and on May 23, 2014, trading
in Provectus stock was halted at $2.02 per share.
Plaintiff seeks to recover damages on behalf of all purchasers
of Provectus publicly traded securities during the Class Period. If
you wish to serve as a lead plaintiff, you must move the Court no
later than July 28, 2014. If you wish to discuss this action,
have any questions concerning this notice, or your rights or
interests, please contact lead analyst Jim Baker
(jimb@johnsonandweaver.com) at 619-814-4471. If you
email, please include your phone number.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com.
Johnson & Weaver, LLPJim Baker,
619-814-4471jimb@johnsonandweaver.com
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