Every Genvec Shareholder Prior To March 29th 2010.....WAS SET-UP.........
Many like myself held huge profits while waiting for the TNF data to be analyzed. Then the big Novartis headline came in and then the share offering. Why sell, when Novartis just bought 2 million shares? That was the set-up(I believe)
3 and a half years later......what more has progressed with the hearing and balance. VERY INPORTANT they released that headline then, that was the scam, the con, the set-up in my opinion. I am one of the lead plaintiffs against Genvec in our lawsuit against them.
The stock hit $3.35 (twice) back then and now its worth .02 cents a share. Folks, this is as bad as it gets financially. Genvec lied about everything they had and pumped up stuff for money in their kitty!
Huge profits! Why didn't you sell a portion of your holdings? At least take out your stake.... it's 101 investing.
TNF was (from what i can gather) aimed at the wrong target.
2 million share for Novartis is chicken feed and wouldn't tell you anything about confidence in TNF. Say's more about the future of the hearing drug.... AND the hearing drug would be worth what they said if it works......... I hope you see some of your money back but it doesn't look good. They'll have a water tight defense. Best of luck to all plaintiffs......
I agree that 2 mill shares in the secondary market is really nothing. Novartis gave them 5 mill plus the purchase of chairs for an experimental drug that has yet proved that it worked. I have no idea where people pull these revenue figures for the hearing loss program as Novartis had the rights to develop and commercialize it for a price tag of 213 million dollars. It was just a calculated risk and not sure why people put the drug up on the proverbial pedestal.