Miramar biotech company Generex issues shareholder alert alleging illicit activity
Generex, a biotech company based in Miramar, issued a shareholder alert Wednesday warning that allegedly illicit activity has adversely affected its share price.
The company said it believes restrictions on insider trading were violated in a recent transaction involving Veneto, a specialty-pharmacy group. In addition, Generex said it still had not received certain Veneto assets that it has expected as part of the transaction.
“Generex will not take lightly any unscrupulous, greedy behavior, nor violations of legal agreements by bad actors when those actions hurt shareholders and the value of our company,” Generex CEO Joe Moscato said in a statement. “If legal agreements are breached when bad actors break covenants, their actions not only precipitate the decline of our share price, but also put a cloud of uncertainty on our company.”
Generex shares are traded over-the-counter under the ticker GNBT. Shares currently trade at $0.65, down from $0.99 as of October 18.
This story was originally published December 18, 2019 at 3:47 PM.
