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at this level, maybe
in the meantime, we could see the 0,0005 again unfortunately
yes! We all lnow there is an acquisition or two on the way but wait for the PR. Should be soon
I have not seen any hits this morning
long term, yes
we need a good start
if we forget about Cynthia, we would still have 20M$. 0,02$ per share. 13 times the current level
What is the delay for the appeal? In Canada it's 30 days
Spring Hill is a small creditor. The biggest loan was for Alpha. I agree for the timeline, but for the 30M$, we should see at least 20M$. Plus what we will receive from Cynthia. But not tomorrow. In the meantime, I hope 0,005
will we see a big dump in the last minutes?
now we're back at 0,15,the game begins. Let's see
9M in volume. It's been a while
clear signal
I have the same maths. this is 20 times the current price.
Major news. Cohen never lose. So 30M$ to come. Be ready
September 11, 2015, SAN JOSE, CA. -- Viropro, Inc. (OTCBB: VPRO) today announced that it has filed
a complaint in New York County Supreme Court against PricewaterhouseCoopers Advisory Services Sdn
Bhd (PWC) for willful breach of fiduciary duty and gross negligence with regard to PWC's seizure and
subsequent sale of substantially all of the assets of Alpha Biologics Sdn Bhd (Alpha), a wholly owned
subsidiary of Viropro located in Penang, Malaysia.
The Alpha facility, built at a cost of more than $40 million, was seized by PWC in September 2014, acting
as the Receiver and Manager appointed by Bank Pembangunan Malaysia Bhd. (BPMB). In November 2014,
PWC initiated a liquidation sale of substantially all of Alpha's assets, purportedly as a means of trying to
satisfy loans made to Alpha by BPMB, without regard to Alpha's other creditors or its obligation to
maximize the value of Alpha's estate. Based on information available to it, Viropro believes that the
material was sold and removed, rendering the facility useless for its intended purpose. In its action against
PWC, Viropro alleges that PWC's employees and affiliates sold the equipment for a fraction of its actual
value in a manner that enriched PWC at the expense of Viropro and its shareholders. The action seeks
damages in excess of $30 million.
"We are very disappointed by the actions of PWC that have resulted in a complete loss of value of the Alpha
facility,” said Bruce Cohen, Chairman of the Board of Directors of Viropro. "We had advised PWC that a
fire sale of substantially all of Alpha's assets would be unlikely to generate sufficient cash to pay the
company's outstanding debts and obligations to former employees, but PWC declined to engage with us,
other than to summarily reject the proposals we submitted for their review that would have responded to
the concerns of all stakeholders of Alpha."
The Alpha facility comprised approximately 50,000 square feet of research and production space, designed
to support the scale-up and manufacture of monoclonal antibodies. Previous management of the company
had failed to keep current with the company's creditors, including BPMB and Penang Development
Corporation (PDC), prompting the seizure of the assets. Subsequent to the seizure, PWC initiated a process
to liquidate the assets and conducted a solicitation for bids. PWC has not provided Alpha or Viropro with
the identity of the purchaser or purchasers, nor has it made public the proceeds of the transaction.
"Given the upsurge in interest in the manufacture of biosimilars that is sweeping the globe as high value
monoclonal antibodies come off of patent, this loss is doubly tragic," said Michelle Peake, a Director of
Viropro and the former CEO of Alpha. "To have this high quality facility destroyed in this manner, without
benefiting Alpha, its creditors and former employees, was completely unnecessary and could have been
avoided."
Separately, Viropro also announced that it had prevailed in its action against Cynthia Tsai (former CEO
and Director) and Richard Serbin (former Director) regarding spoliation and destruction of company
documents. The Court held in its ruling that Ms. Tsai had deliberately destroyed documents in violation of
a court order and cited her for civil contempt. The Court granted Viropro's request for an adverse inference
at trial and awarded Viropro costs and attorney fees.
This release contains “forward-looking statements” made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s
current knowledge, assumptions, judgment and expectations regarding future performance or events.
Although management believes that the expectations reflected in such statements are reasonable, they give
no assurance that such expectations will prove to be correct and you should be aware that actual results
could differ materially from those contained in the forward-looking statements. Forward-looking statements
are subject to a number of risks and uncertainties, including, but not limited to, the company’s limited cash
reserves and its ability to obtain additional capital on acceptable terms, or at all, including the additional
capital which will be necessary to execute the company’s future plans.
All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You are
cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date
of this release. The company has no obligation, and expressly disclaims any obligation to update, revise or
correct any of the forward-looking statements, whether as a result of new information, future events or
otherwise.
For more information, visit www.viropro.net / CONTACT: Viropro Public Relations (info@viropro.net)
i see acquisition from Viropro but no mention of merger
You repeat the merger is on the way. Did not see it in the past news
Thanks! So if I want 1M, I bring it at 0,0018.
ayone has L2. Like tradinfool5, I might put some money but don't want to pay more than 0,0015
forget the green for today. If we get green, I put money on the table
very thin bid. As I recommended to others, I'll be careful myself. Solid ask at 0,0013
be careful
I agree! In dollar, this is not much. Maybe on buyer or a group.
from this board, who is buying?
how can we be sure?
you said merger in the works. Is it a new news?
Viropro, Inc. v. Pricewaterhousecoopers Advisory Services SDN BHD
Court
New York Southern District Court
Judge
Denise L Cote
Nature of Suit
190 Contract - Other Contract
Cause
28:1332 Diversity Action
Case #
1:15-cv-06235
Filed
août 07, 2015
Docket
Parties
last updated: lundi août 24, 2015 12:07 AM EDT
mardi, août 18, 2015
10
CERTIFICATE OF SERVICE of Notice of Initial Pretrial Conference and Judge Cote's Individual Practices served on Counsel of Record for Defendant PricewaterhouseCoopers Advisory Services Sdn Bhd on 08/18/2015. Document filed by Viropro, Inc.(individually), Viropro, Inc.(derivatively on behalf of Alpha Biologics Sdn Bhd). (Cordero, Steven)
vendredi, août 14, 2015
9
MEMO ENDORSEMENT granting8 Letter Motion for Extension of Time to move to dismiss the complaint be extended until seven days after this Court decides PwC Malaysia Advisory Services' pending motion for realignment of derivative plaintiff Alpha Biologics SDN BHD as a defendant.... (Signed by Judge Denise L. Cote on 8/14/2015) (gr)
jeudi, août 13, 2015
ADD PARTY FOR PLEADING. Party Pricewaterhousecoopers Advisory Services SDN BHD added.Party added pursuant to1 Notice of Removal,. Document filed by Pricewaterhousecoopers Advisory Services SDN BHD. Related document:1 Notice of Removal, filed by Pricewaterhousecoopers Advisory Services SDN BHD.(Rafferty, Thomas)
mercredi, août 12, 2015
8
LETTER MOTION for Extension of Time to File Answer re:1 Notice of Removal, until seven days after this Court decides pending motion for realignment addressed to Judge Denise L. Cote from Samira Shah dated August 12, 2015. Document filed by Pricewaterhousecoopers Advisory Services SDN BHD.(Shah, Samira)
7
NOTICE OF INITIAL PRETRIAL CONFERENCE (Notice): Initial Conference set for 10/9/2015 at 03:00 PM in Courtroom 15B, 500 Pearl Street, New York, NY 10007 before Judge Denise L. Cote.-Please follow the procedures set forth in the Notice. (Signed by Judge Denise L. Cote on 8/12/2015) (gr)
Copy of the August 12, 2015 Notice of Initial Pretrial Conference was mailed today to Richard B. Brosnick and Steven M. Corder, counsel for the plaintiff. (gr)
lundi, août 10, 2015
6
CERTIFICATE OF SERVICE of Notice of Filing of Notice of Removal, Civil Cover Sheet and Rule 7.1 Statement served on Viropro, Inc. on August 7, 2015. Service was made by Federal Express. Document filed by Pricewaterhousecoopers Advisory Services SDN BHD. (Rafferty, Thomas)
***NOTICE TO ATTORNEY REGARDING DEFICIENT PLEADING. Notice to Attorney Thomas G. Rafferty re: Document No. 1 Notice of Removal,. The filing is deficient for the following reason(s): all of the parties listed on the pleading were not entered on CM ECF; Add the plaintiff again and enter Derivatively on behalf of Alpha Biologics Sdn Bhd in the party text. Docket the event type Add Party to Pleading found under the event list Complaints and Other Initiating Documents.. (dgo)
***NOTICE TO ATTORNEY REGARDING CASE OPENING STATISTICAL ERROR CORRECTION: Notice to attorney Thomas G. Rafferty. The following case opening statistical information was erroneously selected/entered: Jury Demand code p (Plaintiff); County code New York;. The following correction(s) have been made to your case entry: the Other Court Name has been modified to Supreme Court, County of New York; the Other Court Number has been modified to 652377/2015; the Jury Demand code has been modified to d (Defendant); the County code has been modified to XX Out of U.S.;. (dgo)
CASE OPENING INITIAL ASSIGNMENT NOTICE: The above-entitled action is assigned to Judge Denise L. Cote. Please download and review the Individual Practices of the assigned District Judge, located at[LINK:http://nysd.uscourts.gov/judges/District] . Attorneys are responsible for providing courtesy copies to judges where their Individual Practices require such. Please download and review the ECF Rules and Instructions, located at[LINK:http://nysd.uscourts.gov/ecf_filing.php] . (dgo)
Magistrate Judge Frank Maas is so designated. (dgo)
Case Designated ECF. (dgo)
vendredi, août 07, 2015
5
MEMORANDUM OF LAW in Support re:4 Notice (Other) ("Defendant PricewaterhouseCoopers Advisory Services SDN BHD's Memorandum in Support of Motion for Realignment of Alpha Biologics SDN BHD as a Defendant") . Document filed by Pricewaterhousecoopers Advisory Services SDN BHD. (Rafferty, Thomas)
4
NOTICE of Motion for Realignment of Alpha Biologics SDN BHD as a Defendant re:1 Notice of Removal,. Document filed by Pricewaterhousecoopers Advisory Services SDN BHD. (Rafferty, Thomas)
3
RULE 7.1 CORPORATE DISCLOSURE STATEMENT. No Corporate Parent. Document filed by Pricewaterhousecoopers Advisory Services SDN BHD.(Rafferty, Thomas)
2
CIVIL COVER SHEET filed. (Rafferty, Thomas)
1
NOTICE OF REMOVAL from Supreme Court, County of New York. Case Number: 652377/2015. (Filing Fee $ 400.00, Receipt Number 0208-11251437).Document filed by Pricewaterhousecoopers Advisory Services SDN BHD.(Rafferty, Thomas)
Att: 1 Exhibit A,
Att: 2 Exhibit B
was told recently but it looks like it's not true or it takes longer. We sent email to Bruce and received nothing. Maybe somone has access to
was told acquisitions. But I don't know with which money
good news soon. And by the way I agree with you WH
Totally agree with you. I don't understand they don't fight for the property
for Alpha, I read they advised and advised and advised PWC. They have no answer. I see no court action. It looks like they are not really working on that.
It might be easier to move mountains...
I understand. CT did it after june 2nd but for prior emails. Sorry!
she's talking about emails AFTER june 2nd 2014. Where is the problem with emails after june? Cynthia was not Viropro CEO anymore after that.
I've read next date is today in the filing
JK, did you notice yesterday's messages disappeared?
2000$, this is not qhat I would call volume
Can only agree with you
Hi Alias, Are you related with CT's attorney?