On January 23, 2014, an article was published on TheStreet.com, accusing Provectus of artificially inflating the price of its stock by making false representations related to the commencement of Phase III clinical trials.
On this news, the Company's shares declined $3.35, or over 64%, to close at $21.87 on January 23, 2014.
Prior to May 20, 2014, the Company's website improperly described its PV-10 drug as a "breakthrough" drug for skin cancer, prior to the FDA's designation of the drug as such. On May 20, 2014, the Company updated its website and changed the description of PV-10 to "An Investigational Drug for Cancer" and included language clearly indicating that the drug was still awaiting BTD designation by the FDA.
On this news, Provectus securities declined $0.31 per share, or over 10%, to close at $2.70 per share on May 20, 2014.
On May 21, 2014, an article was published on SeekingAlpha.com alleging that the Company was tied to stock promoters that improperly marketed the Company's stock to unsophisticated retail investors, thus artificially inflating the price of the Company's shares. The article noted that trading in many of the other companies associated with these stock promoters was recently halted by the SEC. That same day, Provectus issued a press release refuting the allegations of the SeekingAlpha.com article. Provectus specifically noted that PV-10, its investigational metasta
|SOURCE Pomerantz LLP|
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