Radient Pharmaceuticals issued a press release and filed an 8k with the SEC on Tuesday regarding both its notice of delisting and the alleged misleading or false statements made by the company in a public forum.
On queue, TheStreet.com's biotech blog published a post relating to the issue shortly after the company's own press release and announcement of the SEC filing, and fittingly so, since it was TheStreet's emotionally-fueled hack-job on Radient that inflamed the mess.
It is funny, and quite telling, how TheStreet is now trying to play the impartial "reporter" in all the fun and games, as any unbias credibility that might have existed from that website and its biotech blogger was lost with the initial blog posts that painted an atmoshphere with an heir of bias and he-said-she-said schoolyard banter. Especially when TheStreet itself - who is now trying to take the high road - had to change the title of an article because it was misleading, the same allegations thrown at Radient.
Pot calling kettle black? I think so.
There's reporting the facts, and then there's reporting the facts with added embellishment and opinions that are intended to inflame a situation enough to attract more interest and reader clicks to the website. Any truth that might have been there can not be accounted for as valid when there are ulterior motives at hand.
That's why the media continues to get it so wrong when reporting on foreign events these days, because the goal of the networks is to attract advertising dollars, not report what's really going on.
To get to the bottom of the story, the lawyers from each side are sharpening their knives.
Radient has hired the DLA Piper lawfirm to defend itself against allegations levied by The Rosen law firm in a class action suit filed almost immediately after TheStreet.com published its hatchet job.
Of course, this whole situation started when BioMedReports published an interview the Radient CEO, and BioMed has since published a follow-up piece adding another side to the story that is growing in suspense.
The RPC action is still worth watching, not only because it puts an episode of 'Days of Our Lives' to shame in terms of drama, but because the developing story has created quite a few spikes and dips - just the kind that traders, longs and shorts all enjoy.
Let's kick back and wait for the facts unfold - because that's what we all want. Facts. Not embellished and emotionally-charged hatchet jobs.
Disclosure: No position.