NanoViricides Inc (NNVC)

[Puffer]

What a load of crap. Obviously meant to distort and mislead in support of a short position. First of all, Dr. Seymour is not a veterinarian. You'd think he could at least get that much right, which tells you where the rest of it should be filed. Maybe he thinks the Doc tested those 5,000+ animals in the back room of his vet clinic? And the lawsuit was filed by Brambell alone, not a group of investors. It has already been dismissed several times but apparently he won't go away.

Diwan cashed out his early investment in NanoViricides two years ago and used the proceeds to buy land in West Haven, Conn., to develop a government certified research lab for NanoViricides.
The building will only be leased by the biotech company, yet the company is spending money to build it out and has pledged $2.5 million of collateral towards completion of the project.

Cashed out, really? The same Diwan that currently owns more than 1.8M shares? Yes, he sold some stock to help finance the new facility and is relying on personal loans and additional investors to fund the rest. He still holds a substantial position. Not to mention his ownership through TheraCour.

And NNVC is not spending money on the "build out" of the cGMP facility. Diwan will be leasing them the facility "wet", ready to receive their equipment.

Yet last month the budding development company was still able to raise over $10 million through Midtown Partners with a private after market stock sale called a registered direct offering.

The RDO was offered to institutional investors at a discount of 26% percent. This means they can buy the stock after the close at the discounted price and then sell it into the market the next day at a profit. It creates trading volume in the stock but not necessarily long term value for main street investors because the hedge funds who buy the deal usually just dump the stock.

Last I checked, Dr. Boniuk is a Director and not running a hedge fund. I think it is pretty safe to say he won't be "buying the stock after the close at the discounted price and then selling it into the market the next day at a profit." What a joke.

I could go on. But the bottom line is that NYSE gave the company a thorough vetting prior to the uplist. If there were any substance to these issues, there's no way they would have made it onto the new exchange.