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NVIV was not involved in security fraud.

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XenaLives Member Level  Sunday, 02/23/20 12:07:36 PM
Re: TheMarketWizard post# 6095
Post # of 6207 
NVIV was not involved in security fraud. This statement is misleading:

Quote:

NVIV SEC SECURITY FRAUD...CEO ARRESTED



The truth:

Quote:
Reynolds founded PixarBio after resigning as chief executive of Cambridge, Massachusetts-based biotechnology company InVivo Therapeutics Holdings Corp (NVIV.O) in 2013.

According to the criminal complaint, Reynolds in a 2015 email to potential investors claimed PixarBio had a $1 billion valuation that was expected to increase as “we prepare to replace morphine in the clinic in late 2017 or early 2018.”

In reality, PixarBio was never worth $1 billion and had not even finished the work required to seek permission to conduct human drug trials, the complaint said.

In January 2017, at Reynolds’ direction, PixarBio issued a press release entitled “It’s Time to Make US Pharma GREAT Again,” announcing a $77 million takeover bid for Invivo, the complaint said.



https://www.reuters.com/article/us-biotech-pixarbio-court/biotech-ceo-two-associates-accused-by-u-s-of-securities-fraud-idUSKBN1HV2YO



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