SAN DIEGO, Aug. 14, 2013 /PRNewswire/ -- Organovo Holdings, Inc. (NYSE MKT: ONVO), a biotechnology company focused on delivering breakthrough three-dimensional (3D) bioprinting technology, today issued a caution to investors regarding content on certain internet sites targeting existing and potential investors in its common stock.
Organovo and many other innovative technology companies have been the subject of various articles on certain investor websites that contain significant factual errors. The content on these sites can be submitted by independent authors and do not represent a cohesive view or the opinion of the site overall. In fact, these sites do little or no fact checking, provide little to no editorial oversight, and provide limited or no mechanisms for correction of factual errors. The company would like to help investors judge content on such sites appropriately, and point out the risks of encountering false information.
The Company would like to stress that in providing information in regards to such sites to investors, it is not claiming that all articles with a negative connotation are false. The Company respects the right of all investors and commentators to voice opinions openly. However, on some occasions information that is not factual is presented, or factual information is presented in such a way as to create a misconception. While some errors may be unintentional or simply sloppy, on some occasions it is possible that some authors may be following a "Short and Distort" strategy, where they purposefully create a negative picture after taking a short position. To be sure, not every positive article regarding the Company should be trusted either, but rather investors should bring a critical eye to all articles published on such sites, which despite having significant distribution power and readership can be lacking in content quality.
For several reasons, Organovo strongly encourages all investors to regularly review and focus on its filings with the Securities and Exchange Commission and its press releases for information regarding the Company, including the risk language in such filings, because the first line of defense against sophistry lies with the investor. When the Company has elected to request corrections through a site publishing false information, the process can take two days to two weeks, and no site that sends out an email alert when an article is published has ever agreed to send the corrections out via email alert, meaning that admitted factual errors that required correction may never be seen by the great majority of readers of the earlier incorrect article. A number of requested corrections have never been made, because the standard for some sites to adjudicate a dispute is only to ask the author if they are willing to make a change. Above all, the Company feels that it is in the best interests of shareholders for its management team to remain primarily focused on advancing the commercialization of its bioprinting technology, rather than debating with internet bloggers. For these reasons, Organovo seeks to provide resources to keep its investor base informed and engaged, so that individual investors are best prepared to judge content for themselves.