NanoViricides, Inc. NNVC (the “Company”) responded to a baseless
and inaccurate article posted on Seeking Alpha, a stock market analysis
website, which obtains content from its members.
The article was filed anonymously by a person who identifies self as being
short on NNVC stock and calls self “Pump Terminator”. Clearly the person has
vested interests. The article refers to a “Whistleblower Document” and
“Smoking Gun” as the source of the information posted in the article. The
source document is a serial complaint filed by a single shareholder in the
United States District Court of Colorado, a complaint which the same
shareholder brought three times in Nevada state court and which was dismissed
twice and which has been amended a total of seven times. The Colorado
Complaint had been previously dismissed and NanoViricides has moved to dismiss
the current complaint again. Noteworthy is that the Plaintiff's attorney has
asked the Colorado court to withdraw from the case.
Moreover, as it has done on each filing of the complaint, the Company denies
the allegations in the complaint as well as the factual inconsistencies in the
article. Each and every alleged covert and self-serving action was undertaken
in compliance with all appropriate legal and disclosure requirements. Each
transaction was believed to be fair and in the best interests of the Company's
shareholders and reported by the Company in its filings with the Securities
and Exchange Commission. In addition, the Company is always mindful of its
expenditures and believes that the compensation paid to its officers to be
reasonable and its costs to have been immensely conservative given the number
of drugs the Company has developed in its pipeline.
Dr. Seymour, the founder and Chief Executive Officer of NanoViricides, stated,
“We are outraged at this unfounded and intentional attempt at deflating the
Company's stock price. We will have a more detailed response, in the near
future, once we determine our options, including all legal action to determine
the identity of the author, but we want to assure our shareholders and the
market that the Company's purpose is the same as always - to eradicate
life-threatening viruses and increase shareholder value.”
Dr. Diwan, founder, President and Chairman of the Board commented, “This is a
shameless attack from someone who neither understands the science nor the
development work that has gone into nanoviricides® drug candidates. With very
little money we have built a rich pipeline of drug candidates that are now
getting closer to the clinic. I have personally taken high risks in making
certain that the Company can continue to advance by undertaking the building
of a highly specialized cGMP manufacturing facility at a time when
NanoViricides did not have sufficient funds to be able to commit to this
critical venture. All of the biological testing of our drug candidates is
conducted by third parties. We are very happy to note that our drug candidates
have been found to be safe and highly effective, and therefore worthy of
clinical development.”
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in