Greed.....the pigs get fat but the hogs get slaughtered. See below regarding existing Provectus shareholder’s lawsuit against the company board of directors alleging breach of fiduciary duty and unjust enrichment associated with excessive compensation:
From Provectus 10-k securities filing:
On January 2, 2013, Glenn Kleba, derivatively on behalf of the Company as a nominal defendant (the “Plaintiff”), filed a shareholder derivative complaint in the Circuit Court for the State of Tennessee, Knox County, against H. Craig Dees, Timothy C. Scott, Eric A. Wachter, Stuart Fuchs, Kelly M. McMasters, Alfred E. Smith, IV and Peter R. Culpepper, and against the Company as a nominal defendant (the “Shareholder Derivative Complaint”). The Shareholder Derivative Complaint alleges (i) breach of fiduciary duties, (ii) waste of corporate assets, and (iii) unjust enrichment, all three claims based on the Plaintiff’s allegations that the defendants authorized and/or accepted stock option awards in violation of the terms of the Company’s 2002 Stock Plan (the “Plan”) by issuing stock options in excess of the amounts authorized under the Plan and delegated to defendant H. Craig Dees the sole authority to grant himself and other executive officers of the Company cash bonuses that the Plaintiff alleges to be excessive.
The Company intends to defend vigorously against all claims in this complaint. However, in view of the inherent uncertainties of litigation and the early stage of this litigation, the outcome of this case cannot be predicted at this time. Likewise, the amount of any potential loss cannot be reasonably estimated.
From Shareholders Foundation website:
Jan. 15, 2013 (Shareholders Foundation) -- An investor in shares of Provectus Pharmaceuticals, Inc. (OTC:PVCT) filed a lawsuit against directors of Provectus Pharmaceuticals, Inc. over alleged breaches of fiduciary duties in connection with certain compensation that was awarded to certain executives at Provectus Pharmaceuticals, Inc.
The plaintiff alleges that Provectus Pharmaceuticals, Inc. awarded over 7 million stock options to four executives in two years, despite the limit of 100,000 per person per year set by the stock plan.
Provectus Pharmaceuticals, Inc. (OTC:PVCT) reported that its Net Loss increased from $18.55 million in 2010 to $19.43 million in 2011.
Shares of Provectus Pharmaceuticals, Inc. (OTC:PVCT) declined from as high as $1.675 per share in March 2010 to as low as $0.52 per share in Nov. 2012.
On Jan. 14, 2013, OTC:PVCT closed at $0.66 per share.
Those who are current long-term stockholders of Provectus Pharmaceuticals, Inc. ( OTC:PVCT) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com |
