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Biotech / Medical : Provectus Pharmaceuticals Inc.
PVCT 0.06400.0%Nov 7 9:30 AM EST
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To: Khris Smith who wrote (12720)3/14/2014 1:34:58 PM
From: boomertree2   of 13111
 
I have no interest in the lawsuit other than as a shareholder like you. The officers are paying the money back to the company, so the cash settlement and option forfeiture benefits all shareholders. I only learned of the settlement terms from the 10-k published yesterday. The settlement likely would not have been reached with the stated terms unless management believed their was serious risk of a finding of breach of fiduciary duty or worse if the matter was litigated to a decision. The alleged excessive compensation ($15 million cash plus stock options) raises serious questions of trust, integrity and ethics. I believe their resignation at the June Board meeting with a competent slate of new officers identified to take their place would be viewed very positively by the market. The existing officers have no experience in bringing a new drug completely through the FDA trial process or commercializing a new drug through a sale or partnership with a pharma company. A new slate of officers with that substantive experience would be more qualified to maximize shareholder value. I would view the exodus of unqualified officers with a tainted ethics and integrity history, in exchange for qualified experienced trustworthy officers as a very positive move. The stock value is moving up, but how much more valuable would our shares be if the company had avoided the dilutive offerings and used the $15 million for legitimate company purposes.
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