NEW YORK, July 4, 2014 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Provectus Biopharmaceuticals, Inc. ("Provectus" or the "Company") (NYSE:PVCT) of the July 28, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Provectus and certain executives.
A complaint has been filed in the Middle District of Tennessee on behalf of all persons who purchased Provectus securities between December 17, 2013 and May 22, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) contrary to the Company's representations, preparations were not underway for a Phase 3 study for Provectus's oncology drug PV-10; (ii) the Company improperly referred to PV-10 as obtaining a Breakthrough Therapy Designation ("BTD") for the treatment of melanoma, and implied that securing that status was inevitable; and (iii) the Company used the services of paid stock promoters.
On January 23, 2014, the website www.thestreet.com published an article alleging that Provectus has caused the price of its stock to be artificially inflated by making false representations regarding the commencement of Phase 3 trials. On this news, the Company's stock declined $3.35 per share, or over 64%, to close at $1.87 per share on January 23, 2014.
Then, on May 20, 2014, the Company updated its website to change the description of PV-10 from a "breakthrough" drug for skin cancer to "An investigational Drug for Cancer," as well as to indicate that it was still awaiting BTD designation by the FDA. Following this news, the Company's stock declined $0.31 per share, or over 10%, to close at $2.70 per share on May 20, 2014.
The following day, on May 21, 2014, the website www.seekingalpha.com published an article suggesting that Provectus is connected with stock promoters that improperly marketed the Company's stock to unsophisticated retail investors, thus artificially inflating the price of the Company's shares. Provectus subsequently denied any affiliation with stock promoters, but on that day the Company's stock declined $0.46 per share, or over 17%, to close at $2.24.
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Take Action
If you invested in Provectus stock or options between December 17, 2013 and May 22, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/PVCT. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Provectus's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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