Generex Sues TheStreet.com and Adam Feuerstein (GNBT)
Generex Biotechnology Corp. (NASDAQ: GNBT) has announced that it has commenced legal proceedings against TheStreet.com (NASDAQ: TSCM)
and Adam Feuerstein in the Supreme Court of the State of New York. The company is seeking $250,000 in damages for business defamation, product disparagement, and injurious falsehood. These claims are a result of articles written by Feuerstein published on TheStreet.com (TSCM) on March 19 and March 26, 2010.
Generex (GNBT) is contending that the articles disseminated multiple defamatory statements about the biotech firm, its management, and its flagship product, Generex Oral-lyn. The claims also suggest that Feuerstein's articles represented several statements as fact which are, in truth, misleading or outright mis-statements made with malicious intent or with a reckless disregard for the truth.
"These articles go well beyond the expression of disparaging opinion or fair comment," said Mark Fletcher, Generex's Executive Vice-President & General Counsel. "Feuerstein and TheStreet.com have abused their public forum by spreading categorical falsehoods about Generex and Generex Oral-lyn(TM) when a modicum of due diligence would have revealed the truth, an injury then compounded by unfounded and libelous allegation and innuendo. We are now seeking to hold Feuerstein and TheStreet.com accountable for the damage they have unjustifiably inflicted on Generex and its stockholders."
Both Generex and TheStreet.com are small cap companies listed on the Nasdaq exchange. Generex (GNBT) shares have lost 5.57% today and currently trade for $0.51. TheStreet.com (TSCM) has lost 0.27% to $3.67 in today's trading. CNBC media personality Jim Cramer is the Chairman of TheStreet.com.
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