|[June 18, 2014]
Cohen Milstein Sellers & Toll PLLC Announces the Investigation of Provectus Biopharmaceuticals, Inc.
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 (News - Alert). 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 email@example.com.
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
1100 New York Avenue, N.W.
West Tower, Suite 500
Telephone: (888) 240-0775 or (202) 408-4600
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