NanoViricides, Inc. Announces It Has Commenced Action Against Seeking Alpha to Obtain Identity of the Anonymous Short Seller
March 05 2014 - 7:00AM
Business Wire
NanoViricides, Inc. (NYSE MKT:NNVC) (the “Company”) announces
that it has filed a special proceeding in the Supreme Court of the
State of New York to compel Seeking Alpha to disclose the identity
of the person who wrote and published a defamatory, malicious, and
libelous article about the Company on February 11, 2014, on the
Seeking Alpha website. The writer identified self as a short seller
in the article. The Company believes that the writer and/or others
with whom the writer was in contact, had established and maintained
a significant short position in the Company’s common stock, and
that these parties in collusion profited from the drop in the
Company’s share price that occurred subsequent to the posting of
the article, at the expense of the Company’s shareholders and the
Company’s position.
The said article published on the “Seeking Alpha” website by the
anonymous write who called self “Pump Terminator”contained patently
false, malicious, and defamatory statements, and constituted a
premeditated, unsupported attack on the Company with the intent to
injure and disparage the Company and its shareholders, and
manipulate the market for the Company’s stock and the Company’s
financial position.
The Company intends to commence an action against Pump
Terminator, and anyone else that we discover to be responsible in
connection with the article, to recover the damages caused to the
Company and its shareholders. The Company also intends to provide
the information it discovers to the relevant regulatory authorities
for potential criminal investigation into the activities of the
short seller and associates. The Company has already filed a
complaint with the regulatory authorities regarding this matter. In
addition, the New York Stock Exchange (“NYSE”) has notified the
Financial Regulatory Authority (“FINRA”) of potential market
manipulation and unusual activity in the market for the Company’s
stock.
The Company previously requested that the website “Seeking
Alpha” immediately remove the article from their site. As of
today’s date, Seeking Alpha has failed to comply with this simple
request, thereby becoming a complicit agent in the criminal act(s)
perpetrated by the article author and collaborators-in-action.
“Many investors were panicked into selling their positions or
were forced out by market limit orders,” said Eugene Seymour, MD,
MPH, CEO of NanoViricides. “We noted a very suspicious and rapid
rise in short selling activity in the days preceding the
publication of the article. This suggested to us that there was
collusion between the writer and others, or possibly that the
writer alone was responsible for the entire short selling. This
information has been forwarded to the appropriate regulatory
authorities. We will aggressively pursue all available remedies
against anyone responsible for such blatant market
manipulation.”
About NanoViricides:
NanoViricides, Inc. (www.nanoviricides.com) is a development stage company that is creating
special purpose nanomaterials for viral therapy. The Company's
novel nanoviricide® class of drug candidates are designed to
specifically attack enveloped virus particles and to dismantle
them. The Company is developing drugs against a number of viral
diseases including H1N1 swine flu, H5N1 bird flu, seasonal
Influenza, HIV, oral and genital Herpes, viral diseases of the eye
including EKC and herpes keratitis, Hepatitis C, Rabies, Dengue
fever, and Ebola virus, among others.
This press release contains forward-looking statements that
reflect the Company's current expectation regarding future events.
Actual events could differ materially and substantially from those
projected herein and depend on a number of factors. Certain
statements in this release, and other written or oral statements
made by NanoViricides, Inc. are “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. You should not
place undue reliance on forward-looking statements since they
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond the Company's control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. The Company assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Important factors that could cause actual
results to differ materially from the company's expectations
include, but are not limited to, those factors that are disclosed
under the heading "Risk Factors" and elsewhere in documents filed
by the company from time to time with the United States Securities
and Exchange Commission and other regulatory authorities. Although
it is not possible to predict or identify all such factors, they
may include the following: demonstration and proof of principle in
pre-clinical trials that a nanoviricide is safe and effective;
successful development of our product candidates; our ability to
seek and obtain regulatory approvals, including with respect to the
indications we are seeking; the successful commercialization of our
product candidates; and market acceptance of our products.
NanoViricides, Inc.Amanda Schuon,
310-550-7200info@nanoviricides.com
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