WASHINGTON--(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 firstname.lastname@example.org. 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.
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: email@example.com; firstname.lastname@example.org