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PositiveID to probe 'misleading' promotional materials on buying shares

PositiveID Corp. intends to investigate "false and defamatory" statements made in promotional materials that sought to encourage investors to buy the company's shares.

The life sciences company was made aware of the materials by the OTC Markets Group, and said the materials were likely "cut and paste" of the company's previous press releases. OTC Markets became aware of these materials in June. The materials encouraged investors to buy PositiveID shares and had a clear impact on trading activity, OTC Markets informed PositiveID.

PositiveID said the authors of the promotions added "misleading, sensational statements" to the company's factual statements and claimed that they were paid by the company to do so, which was not true.

"PositiveID does not approve of the issuance of promotional materials. PositiveID's press releases and filings with the SEC have reported on and provided disclosure of legitimate and ongoing business activity only," Chairman and CEO William Caragol said.