Provectus Biopharm Settles SEC Suit Over Executive Perks

Tennessee-based Provectus Biopharmaceuticals Inc. Dec. 12 settled SEC allegations it failed properly to report as compensation millions of dollars in perks provided to its then-top executives.

Provectus didn’t have adequate controls over the reporting and disclosure of travel and entertainment expenses submitted by its executives, the Securities and Exchange Commission said.

“The SEC’s settlement with Provectus — which does not include any penalty — takes into account the proactive remediation and cooperation by the company’s new leadership,” co-Enforcement Director Steven Peikin said. “Provectus fired wrongdoers, took other steps to remedy its controls, and provided SEC staff with critical information regarding ...