Navigation Links
SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action against Provectus Biopharmaceuticals, Inc. and Certain Officers - PVCT

NEW YORK, June 27, 2014 /PRNewswire/ -- Pomerantz LLP has filed a class action lawsuit against Provectus Biopharmaceuticals, Inc. ("Provectus" or the "Company")(NYSE-MKT: PVCT) and certain of its officers.  The class action, filed in United States District Court, Middle District of Tennessee, Nashville Division, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired Provectus securities between December 17, 2013 and May 22, 2014, both dates inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

If you are a shareholder who purchased Provectus securities during the Class Period, you have until July 28, 2014 to ask the Court to appoint you as Lead Plaintiff for the class.  A copy of the Complaint can be obtained at   To discuss this action, contact Robert S. Willoughby at or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.

Provectus is a development-stage biopharmaceutical company that focuses on developing pharmaceuticals for oncology and dermatology indications. The most important drug in the Company's pipeline is an oncology drug, PV-10, which is intended for the treatment of several life threatening cancers, including metastatic melanoma, liver cancer, and breast cancer. 

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company utilized the services of paid stock promoters to inflate its share price; (ii) contrary to the Company's representations, preparations were not underway for a Phase 3 study for PV-10; and (iii) the Company improperly referred to PV-10 as obtaining a Breakthrough Therapy Designation ("BTD"), and otherwise implied that obtaining that status was inevitable.

On January 23, 2014, an article was published on, 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 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 article.  Provectus specifically noted that PV-10, its investigational metastatic melanoma therapy, had not failed the breakthrough therapy designation, but was awaiting a decision from the FDA as to the status of its request. Additionally, Provectus further denied any affiliation with stock promoters.

On this news, the Company's shares declined $0.46, or over 17%, to close at $2.24 on May 21, 2014.

The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See

Robert S. Willoughby
Pomerantz LLP

SOURCE Pomerantz LLP
Copyright©2014 PR Newswire.
All rights reserved

Related biology news :

1. Acquisition of BioClinica, Inc. by JLL Partners, Inc. May Not Be in BioClinica, Inc. Shareholders Best Interests
2. Medbox Communicates with Shareholders, Comments on Pending Transition to OTC Bulletin Board, and Announces Appearance on Fox Business News Channel
3. Investigation of American Oriental Bioengineering, Inc. by Securities Lawyers at Goldfarb LLP Law Firm for Potential Shareholder Claim
4. Red alert: Body kills spontaneous blood cancers on a daily basis
5. Media alert: Society of Interventional Radiologys Annual Scientific Meeting
6. Webcast alert: Molecular Medicine Institute to give new hope to pediatric patients
7. Avery Biomedical Devices, Inc. announces the appointment of Mark E Ginsburg, M.D. to its Board of Directors
8. BrightFocus Foundation announces 55 new grantees in Alzheimers and vision research
9. Elsevier Announces the launch of open access journal: New Negatives in Plant Science
10. Institute of Physics announces 2014 award winners
11. Elsevier announces the launch of a new journal: Current Opinion in Behavioral Sciences
Post Your Comments:
(Date:9/26/2015)...  Results of a TactioRPM pilot project in ... the Stanford Medicine X Conference. In a presentation ... Health Devices and Pharmacogenomics", Roger Simard , ... how senior patients equipped with connected health devices ... the TactioRPM remote patient monitoring platform were empowered ...
(Date:9/10/2015)... LONDON , Sept. 10, 2015 This ... dominate wearable technology products today, and emerging sensor types ... have risen through the peak of the wearable technology ... the slide to disillusionment. The common feature with all ... the key enabler for their most useful functions. Sensors ...
(Date:9/10/2015)... 2015 Pursuant Health has collaborated with ... an interactive, image-based health risk assessment (HRA) optimized ... The unique assessment quantifies user results into an ... an individual,s biological age based on personal health ... the kiosk. Comprised of age, gender, ...
Breaking Biology News(10 mins):
(Date:10/13/2015)... the United States , Canada ... of all new cases of kidney cancer.   --> ... and Europe .  PRCC represents about 14% of ... China MediTech Limited ("Chi-Med") (AIM: HCM) today announces that Hutchison MediPharma ... have completed enrolment in a global Phase II study of savolitinib ...
(Date:10/12/2015)... -- MiMedx Group, Inc. (NASDAQ: MDXG ), the leading ... processes to develop and market advanced products and therapies ... Ophthalmic, and the Dental sectors of healthcare, announced today ... the Company has been dismissed by the court.  ... stated, "As we suspected, this case was brought by ...
(Date:10/12/2015)... , October 12, 2015 cell surface ... billion by 2022, according to a new report by Grand ... to rise in incidence of oncology diseases and other cell-associated ... is expected to reach USD 6.49 billion by 2022, according ... growth in demand can be attributed to rise in incidence ...
(Date:10/12/2015)... SAN DIEGO , Oct. 12, 2015 /PRNewswire/ ... for debilitating allergic and inflammatory diseases and conditions, ... Series A preferred stock financing. Concurrent with the ... also entered into a Loan and Security Agreement ... borrow up to $7 million. Patara will use ...
Breaking Biology Technology: