Retractable Technologies, Inc. Reports Stock Price Anomalies

Rhea-AI Summary

Retractable Technologies, Inc. (AMEX: RVP) has released a statement addressing concerns regarding stock price anomalies linked to potential market manipulation. An independent economic consulting firm conducted an analysis in 2021, revealing significant discrepancies in the stock's reaction to positive disclosures, which often resulted in negative or insignificant price changes. Following the submission of findings to the SEC in March 2022, the agency decided not to pursue the matter. The Company expresses discontent that stock performance does not align with operational performance, advising shareholders on potential investment risks.

Positive

• Independent analysis confirmed significant stock price anomalies related to positive disclosures.
• Engaged a reputable economic consulting firm to validate concerns.

Negative

• Stock price does not correlate with the Company's actual value or operational performance.
• SEC decided not to pursue possible market manipulation, limiting further investigation.

LITTLE ELM, Texas--(BUSINESS WIRE)-- Retractable Technologies, Inc. (NYSE American: RVP) issues this press release to express the Company’s concern regarding stock price anomalies in its Common Stock and disclose actions taken to date. Concerned about possible market manipulation, the Company engaged an independent highly reputable economic consulting firm in 2021 which analyzed millions of trades in the Company’s stock in recent years. This in-depth analysis, costing the Company over $600 thousand, confirmed that there were statistically significant anomalies in the market’s reaction to the Company’s positive disclosures, meaning that the Company’s stock price would often react negatively or in a statistically insignificant way following positive earnings reports and press releases. The Company’s consultant presented its analysis to the U.S. Securities and Exchange Commission in March 2022. In late November 2022, the Commission informed the Company that it would not pursue the matter further from an enforcement perspective. In summary, the Company’s management expresses its disappointment that the Company’s stock price does not appear to correlate to the Company’s actual value and advises its stockholders that an investment in the Company’s stock is not likely to track the Company’s operational performance based on historical data.

ABOUT RETRACTABLE

Retractable manufactures and markets VanishPoint^® and Patient Safe^® safety medical products and the EasyPoint^® needle. The VanishPoint^® syringe, blood collection, and IV catheter products are designed to prevent needlestick injuries and product reuse by retracting the needle directly from the patient, effectively reducing exposure to the contaminated needle. Patient Safe^® syringes are uniquely designed to reduce the risk of bloodstream infections resulting from catheter hub contamination. The EasyPoint^® is a retractable needle that can be used with luer lock syringes, luer slip syringes, and prefilled syringes to give injections. The EasyPoint^® needle also can be used to aspirate fluids and for blood collection. Retractable's products are distributed by various specialty and general line distributors.

For more information on Retractable, visit its website at www.retractable.com.

Forward-looking statements in this press release are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and reflect Retractable's current views with respect to future events. Retractable believes that the expectations reflected in such forward-looking statements are accurate. However, Retractable cannot assure you that such expectations will materialize. Actual future performance could differ materially from such statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221215005939/en/

Retractable Technologies, Inc.

John W. Fort III, 888-806-2626 or 972-294-1010

Vice President, Chief Financial Officer, and Chief Accounting Officer

Source: Retractable Technologies, Inc.

FAQ

What does Retractable Technologies, Inc. (RVP) say about stock price anomalies?

The company expressed concerns about stock price anomalies possibly linked to market manipulation, noting that positive disclosures often lead to negative or insignificant stock reactions.

What was the outcome of the SEC investigation regarding RVP?

The SEC decided not to pursue enforcement actions after Retractable Technologies presented its analysis of stock price anomalies.

What steps did Retractable Technologies take regarding stock price concerns?

The company hired an independent economic consulting firm in 2021 to analyze millions of trades, confirming significant anomalies in stock price reactions.

When did Retractable Technologies report their findings to the SEC?

The company's findings were reported to the SEC in March 2022.

How much did Retractable Technologies spend on the analysis of stock anomalies?

The analysis conducted by the consulting firm cost Retractable Technologies over $600,000.