Scopus BioPharma Retaining Counsel to Investigate Unusual Market Activity
October 01 2021 - 4:30PM
Scopus BioPharma Inc. (Nasdaq:
“SCPS”), a clinical-stage biopharmaceutical company,
announced today that it is retaining Boies Schiller Flexner LLP to
conduct a market manipulation investigation.
In the past several weeks, the shares of Scopus
BioPharma have come under attack by abusive short sellers. During
this period, the short volume ratio has reached nearly 70% and over
25% of the company’s market capitalization has been wiped out. The
downward pressure on the trading price of the company’s common
stock has persisted despite recent positive developments.
Scopus will not stand idly by while the company
and its shareholders are victimized by short selling.
The investigation by Boies Schiller Flexner will
be led by former federal prosecutors in the firm’s global
investigations practice group, including former Assistant United
States Attorneys for the Southern District of New York who have
substantial experience investigating and prosecuting securities
crimes, fraud and RICO violations.
Boies Schiller Flexner will refer all securities
and other violations it uncovers to the appropriate criminal and
regulatory authorities and will pursue all legal remedies available
to the company.
About Scopus BioPharma
Scopus BioPharma Inc., both directly and through
subsidiaries, is a clinical-stage biopharmaceutical company
developing transformational therapeutics for serious diseases with
significant unmet medical need.
Forward-Looking Statements
This press release may include forward-looking
statements that involve risks and uncertainties. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements are subject to risks (including those
set forth in the company’s Form 10-K for the fiscal year ended
December 31, 2020, as amended, filed with the U.S. Securities and
Exchange Commission (“SEC”)) and uncertainties which could cause
actual results to differ from the forward-looking statements. The
company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the company’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is based.
Investors should realize that if our underlying assumptions for the
projections contained herein prove inaccurate or that known or
unknown risks or uncertainties materialize, actual results could
vary materially from our expectations and projections.
Contacts
Rodd Leeds/David WaldmanCrescendo
Communications, LLCTel: (212) 671-1020Email:
SCPS@crescendo-ir.com
Hugh Burns/Delia Cannan/Nicholas LeasureReevemarkTel: (212)
433-4600Email: scopus@reevemark.com
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