From the article in CBS Marketwatch:
Also on Monday, shares of CEL-SCI Corporation (nysemkt:CVM) saw shares gap up slightly and close +3.77% higher after investors spotted a positive development reference to the firm's arbitration proceedings against inVentiv Health Clinical, LLC in the company's newly filed quarterly report.
For the first time, investors are hearing that on June 24, 2014, the arbitrator in the case denied inVentiv's motion to dismiss the case.For the first time, investors are hearing that on June 24, 2014, the arbitrator in the case denied inVentiv's motion to dismiss the case.
This is seen as a bullish development since inVentiv had moved to dismiss certain claims in December 20, 2013.
In late October of 2013, CEL-SCI commenced arbitration proceedings against inVentiv, the Company's former clinical research organization, alleging breach of contract, fraud in the inducement, and common law fraud. They currently seeks at least $50 million in damages- a sum which could significantly impact the firm's market cap and share price.
CEL-SCI says they filed the arbitration because, among other reasons, the number of patients enrolled and treated in the study fell below the level agreed to with inVentiv. In April 2013, CEL-SCI management fired Ventiv and replaced it with Aptiv Solutions, Inc. and Ergomed Clinical Research Ltd.
Replacing inVentiv with the new CROs has undoubtedly resulted in faster enrollment. The company announced last month total patient enrollment of 232 people, more than one-quarter towards their goal of 880 by the end of next year.
Would this signal the end of discovery? If so the score would be inVentiv 117 patients enrolled in @30 months since the Clinical Investigator's Meeting in November 2010 and Ergomed 115 patients enrolled in the eight months the Clinical Investigators Meeting.
hey ice..... U.P.N. isn't the issue. The information came from the 10Q.
It's on page 24.
"On December 20, 2013, inVentiv moved to dismiss certain claims. *****On June 24, 2014, the arbitrator denied inVentiv’s motion to dismiss.****** Given that this matter is at a **preliminary stage**, the Company is not in a position to predict or assess the likely outcome of these proceedings. "
NOTE: It took the arbitrators 6 MONTHS to rule on the *dismiss motion*.
It has been alleged ( by bashers ? )that the hearing had been resolved and that information was being withheld by Cel-Sci.
That now seems just like more basher fodder , all talk and no facts.