|By Business Wire||
|March 5, 2014 07:03 AM EST||
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.”
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.