NEW YORK, Sept. 20, 2016 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CytRx Corporation ("CytRx" or the "Company") (NASDAQ:CYTR) of the September 23, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.

Faruqi & Faruqi, LLP. (PRNewsFoto/Faruqi & Faruqi, LLP)

The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who acquired CytRx securities between November 18, 2014, and July 11, 2016 (the "Class Period").  The case Nicholas Crihfield v. CytRx Corporation et al., No. 2:16-cv-05519 was filed on July 25, 2016, and has been assigned to Judge S. James Otero.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose: (1) the clinical hold on the Phase 3 trial of aldoxorubicin for STS would prevent sufficient follow-up for patients involved in the study; (2) as a result, nearly half of all patients would be excluded from the progression free survival evaluation; (3) in response, CytRx would likely conduct a second analysis; (4) the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed; and (5) as a result, the Company's statements about CytRx's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Specifically, on July 11, 2016, CytRx issued a press release announcing the results of the Company's Phase 3 clinical trial of aldoxorubicin compared to investigator's choice therapy in patients with relapsed or refractory soft tissue sarcomas. The press release disclosed that the Phase 3 clinical trial failed to show a significant difference between aldoxorubicin and investigator's choice therapy. In addition, CytRx disclosed that a partial clinical hold in November 2014 led to insufficient follow-up for approximately two-thirds of patients who entered the study after the hold was resolved. As a result, nearly half of all patients were excluded from the evaluation. Lastly, CytRx announced that it would conduct a second analysis that will include a longer patient follow-up and allow for greater maturation of all endpoints.

On this news, CytRx's share price fell from $2.51 per share on July 11, 2016 to a closing price of $1.01 on July 12, 2016—a $1.50 or a 59.76% drop.

Request more information now by clicking here: www.faruqilaw.com/CYTR . There is no cost or obligation to you.

Take Action

If you invested in CytRx common stock or options between November 18, 2014, and July 11, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/CYTR. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding CytRx's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff. 

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn:  Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

Logo - http://photos.prnewswire.com/prnh/20120119/MM38856LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/shareholder-alert-faruqi--faruqi-llp-encourages-investors-who-suffered-losses-in-excess-of-100000-investing-in-cytrx-corporation-to-contact-the-firm-before-imminent-lead-plaintiff-deadline-300331174.html

SOURCE Faruqi & Faruqi, LLP

Copyright 2016 PR Newswire

Cytrx (NASDAQ:CYTR)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Cytrx Charts.
Cytrx (NASDAQ:CYTR)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Cytrx Charts.