SAN DIEGO and KNOXVILLE, Tenn., June 2, 2014 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Provectus Biopharmaceuticals, Inc. (NYSE MKT: PVCT) has filed a federal securities fraud class action complaint in the U.S. District Court for the Middle District of Tennessee, Nashville Division. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between December 17, 2013 and May 22, 2014 (the "Class Period"). Provectus is a pharmaceutical company that is engaged in developing pharmaceuticals for oncology and dermatology indications.
Provectus Accused of Misrepresenting Its PV-10 Drug
According to the complaint, shares of Provectus fell multiple times beginning with an initial decline of $3.35 per share, or nearly 64%, to close at $1.87 per share on January 23, 2014, following an article published on TheStreet.com that alleged Provectus misled investors about the prospects for its PV-10 skin cancer drug by questioning why the company had not begun phase 3 of the trial after completing Phase 2 in 2010. The article also speculated that the PV-10 drug may be obsolete in light of new skin cancer drugs being developed. Shortly thereafter, on May 22, 2014, Provectus shares fell an additional $0.22 per share, or nearly 10%, to close at $2.02 following a series of articles on TheStreet.com and SeekingAlpha.com, which further alleged that Provectus (i): labeled its PV-10 drug as a breakthrough drug for skin cancer prior to the U.S. Food and Drug Administration's approval of it as such and; (ii) was tied to a stock promotion firm whose other stock recommendations were recently halted by the U.S. Securities and Exchange Commission. Despite Provectus's denial of such allegations, trading of the company's stock was halted at $2.02 per share on May 23, 2014.
Provectus Shareholders Are Encouraged to Contact Shareholder Rights Law Firm Robbins Arroyo LLP
If you invested in Provectus and would like to discuss your shareholder rights, please contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the information form on the firm's shareholder rights blog https://www.robbinsarroyo.com/shareholders-rights-blog/provectus/
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP