Lawsuit Overview
Settlement Overview
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November 20, 2017 - The court ordered the authorization of the distribution of the net settlement fund.
December 12, 2016 - The court approved the settlement.
September 29, 2016 - The court granted the parties' motion to extend deadlines.
April 7, 2016 - The court preliminarily approved the settlement.
March 8, 2016 - Parties filed a stipulation of settlement.
June 5, 2015 - Defendants filed a motion to dismiss.
April 6, 2015 - The lead plaintiff filed an amended complaint.
November 26, 2014 - The lead plaintiff and lead counsel were appointed.
July 28, 2014 - Lead plaintiff motions were filed.
July 16, 2014 - All cases were consolidated and transferred to the U.S. District Court for the Eastern District of Tennessee.
May 27, 2014 - An investor in shares of Provectus Pharmaceuticals Inc (NYSE: PVCT) filed a lawsuit in the U.S. District Court for the Middle District of Tennessee against Provectus Biopharmaceuticals Inc (formerly Provectus Pharmaceuticals Inc) over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between December 17, 2013 and May 22, 2014.
According to the complaint the plaintiff alleges on behalf of purchasers of Provectus Pharmaceuticals Inc (NYSE: PVCT) common shares between December 17, 2013 and May 22, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The plaintiff claims that between December 17, 2013 and May 22, 2014 defendants allegedly violated the federal securities laws by disseminating false and misleading statements to the investing public regarding the prospects for PV-10 and that as a result of defendants’ statements, Provectus Pharmaceuticals Inc (NYSE: PVCT) stock traded at artificially inflated prices between December 17, 2013 and May 22, 2014, reaching a high of $5.22 per share on January 22, 2014.
On January 23, 2014, an article was published alleging that Provectus Pharmaceuticals Inc's management had misled investors about the prospects for PV-10, questioning why Provectus Pharmaceuticals Inc 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.
Then on May 21, 2014, an article was published that alleged that Provectus Pharmaceuticals failed to commence a promised Phase 3 randomized controlled trial of PV-10 suitable for a Special Protocol Assessment after completing its Phase 2 study in 2010.
Shares of Provectus Pharmaceuticals Inc (NYSE: PVCT) declined from $3.40 per share on May 15, 2014 to $0.33 per share on May 27, 2014.