NEW YORK, July 1, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm reminds all purchasers of the securities of Provectus Biopharmaceuticals, Inc. (NYSE:PVCT) during the period between December 17, 2013 and May 22, 2014, of the important July 28, 2014 lead plaintiff deadline.
To join the Provectus class action, visit the website at http://rosenlegal.com or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants misrepresented and/or failed to disclose the true prospects for its PV-10 skin cancer drug. On January 23, 2014, Adam Feuerstein published an article on TheStreet.com alleging that Provectus management had misled investors about the potential for PV-10, questioning why the promised Phase 3 randomized controlled trial of PV-10 have not commenced and speculating that PV-10 may be obsolete in light of new skin cancer drugs being developed. On this news, Provectus stock fell $3.35 per share, or over 64%, on unusually heavy volume to close at $1.87 per share on January 23, 2014, damaging investors.
On May 20, 2014, Feuerstein published another article on TheStreet.com noting 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." Upon this revelation, Provectus stock dropped $0.31 per share, or over 10%, to close at $2.70 per share on May 20, 2014, further damaging investors.
On May 21, 2014, an article published on SeekingAlpha.com highlighted the failure of Provectus to commence a Phase 3 trial of PV-10 and alleged that the Company is connected to a stock promotion firm who recommended other stocks that were recently halted by the U.S. Securities and Exchange Commission. On the same day, Provectus issued a press release refuting the allegations in the SeekingAlpha.com article. In reaction to this news, Provectus stock fell another $0.46 per share, or over 17%, on unusually heavy volume to close at $2.24 on May 21, 2014, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 28, 2014. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
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