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Case Status:    SETTLED
On or around 11/20/2017 (Date of order of distribution of settlement)

Filing Date: May 27, 2014

According to the law firm press release, Provectus, formerly Provectus Pharmaceuticals, Inc., is a development-stage pharmaceutical company that is engaged in developing pharmaceuticals for oncology and dermatology indications, including 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 violated the federal securities laws by disseminating false and misleading statements to the investing public regarding the prospects for PV-10. As a result of defendants’ false statements, Provectus stock traded at artificially inflated prices during the Class Period, reaching a high of $5.22 per share on January 22, 2014.

On January 23, 2014, an article was published 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. On this news, Provectus’s stock price fell $3.35 per share to close at $1.87 per share on January 23, 2014, a decline of nearly 64% on volume of 30.5 million shares. On May 21, 2014, an investment community blog on SeekingAlpha.com 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. On the same day, Provectus issued a press release refuting inaccuracies in the blog on SeekingAlpha.com. On this news, Provectus’s stock price dropped $0.22 per share to close at $2.02 per share on May 22, 2014, a one-day decline of nearly 10%, and on May 23, 2014, trading in Provectus stock was halted at $2.02 per share.

On July 16, 2014, the Court issued an Order transferring this case to the Eastern District of Tennessee.

On November 26, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead plaintiff filed a consolidated complaint on April 6, 2015.

On March 8, 2016, the parties agreed on a Stipulation of Settlement. This Settlement was preliminarily approved on April 7. The Settlement was granted final approval and this case was dismissed on December 12, 2016.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PVCT
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Tennessee
DOCKET #: 14-CV-01231
JUDGE: Hon. Kevin H. Sharp
DATE FILED: 05/27/2014
CLASS PERIOD START: 12/17/2013
CLASS PERIOD END: 05/22/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrett Johnston, LLC
    217 Second Avenue, North, Barrett Johnston, LLC, TN 37201-1601
    615/244-2202 ·
  2. Law Offices of Alfred G. Yates
    519 Alleghany Bldg., 429 Forbes Avenue, Law Offices of Alfred G. Yates, PA 15219
    412.391.5164 ·
  3. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date
COURT: E.D. Tennessee
DOCKET #: 14-CV-00338
JUDGE: Hon. Kevin H. Sharp
DATE FILED: 04/06/2015
CLASS PERIOD START: 12/17/2013
CLASS PERIOD END: 05/22/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Stewart Dupree PA
    713 Market Street, 2nd Floor, Stewart Dupree PA, TN 37902
    (865) 437-5081 ·
No Document Title Filing Date