NEW YORK, June 6, 2014 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit against Provectus Biopharmaceuticals, Inc. (NYSE MKT:PVCT) ("Provectus" or the "Company") and certain of its officers has been filed in the United States District Court for the Middle District of Tennessee on behalf of purchasers of Provectus common stock between December 17, 2013 and May 22, 2014, inclusive (the "Class Period"). Investors have until July 26, 2014 to seek appointment as lead plaintiff.
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. The article also speculated that the PV-10 drug may be obsolete in light of new skin cancer drugs being developed.
On May 22, 2014, Provectus shares fell an additional $0.22 per share, or nearly 10%, to close at $2.02 following the announcement that the U.S. Food and Drug Administration denied the Company's request for designation of PV-10 as a Breakthrough Therapy and the publication 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 decision 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. It subsequently re-opened for trading on May 27, 2014, closing at $0.75 per share.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm.
If you are a shareholder of Provectus, who suffered a loss on shares purchased during the class period, you may, no later than July 26, 2014, request that the Court appoint you as lead plaintiff of the class. If you are Provectus shareholder that suffered a material loss and would like additional information concerning your rights in this matter, please contact us immediately:
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
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Source:Wolf Haldenstein Adler Freeman & Herz LLP