GPM Reminds Investors of the September 23rd Deadline in the Class Action Lawsuit Against CytRx Corp. & Encourages Investors t...
September 19 2016 - 3:43PM
Business Wire
Investors with losses of $50,000 of more are encouraged to
contact the firm to discuss their legal rights.
Glancy Prongay & Murray LLP (“GPM”) reminds investors of the
September 23, 2016 deadline to file a lead plaintiff motion
in the class action lawsuit filed on behalf of investors who
purchased or otherwise acquired CytRx Corporation (“CytRx” or the
“Company”) (NASDAQ: CYTR) securities between November 18, 2014
and July 11, 2016, inclusive (the “Class Period”). CytRx
investors have until September 23, 2016 to file a
lead plaintiff motion.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose: (1) that the clinical hold
placed on the Phase 3 trial of aldoxorubicin for soft tissue
sarcomas ("STS") would prevent sufficient follow-up for patients
involved in the study; (2) that, as a result, nearly half of all
patients would be censored (excluded) from the progression free
survival evaluation; (3) that, in response, CytRx would likely
conduct a second analysis; (4) that, as such, the results of the
trial could be materially affected and/or approval of aldoxorubicin
for STS could be delayed; and (5) that, as a result of the
foregoing, Defendants' statements about CytRx's business,
operations, and prospects, were false and misleading and/or lacked
a reasonable basis.
On July 11, 2016, CytRx released the results of its Phase 3
clinical trial of aldoxorubicin, a product candidate designed for
patients with soft tissue sarcomas (“STS”), which did not show
noticeable improvement over other widely used cancer drugs.
Additionally, the Company announced that nearly half of the
patients in the Phase 3 trial were excluded from the data due to a
partial clinical hold back in November 2014. Following this
disclosure, shares of CytRx were down over 63% during intraday
trading on July 12, 2016.
If you purchased or otherwise acquired CytRx shares during the
Class Period, you may move the Court no later
than September 23, 2016 to request appointment as
lead plaintiff. To be a member of the class you need not take any
action at this time; you may retain counsel of your choice or take
no action and remain an absent member of the Class. If you wish
to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles,
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
email to shareholders@glancylaw.com, or visit our website at
http://www.glancylaw.com. If you inquire by email please include
your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160919006421/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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