SAN DIEGO--(BUSINESS WIRE)--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 (firstname.lastname@example.org) 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.