|[July 03, 2014]
SHAREHOLDER ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Reminds Investors of Provectus Biopharmaceuticals, Inc. of Upcoming July 28, 2014 Deadline
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, qestioning 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 (News - Alert). 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
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.
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