APPROACHING DEADLINE: Lundin Law PC Announces Securities Class Action Lawsuit against CytRx Corporation and Reminds Investors with Losses In Excess of $100,000 to Contact the Firm
LOS ANGELES, CA / ACCESSWIRE / August 31, 2016 / Lundin Law PC (the “Firm”) announces a class action lawsuit has been filed against CytRx Corporation (“CytRx” or the “Company”) (Nasdaq: CYTR) concerning possible violations of federal securities laws between November 18, 2014 and June 11, 2016 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm in advance of the September 23, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
The complaint alleges that during the Class Period, CytRx made materially false and misleading statements and/or failed to disclose material facts, specifically: that the clinical hold placed on the Phase 3 trial of aldoxorubicin for soft tissue sarcomas would prevent enough follow-up for patients involved in the study; that nearly half of all patients would be excluded from the data since the study was disturbed by a partial clinical hold; that the Company would likely conduct a second analysis as a result; and that the results of the trial could be materially affected and/or approval of aldoxorubicin for soft tissue sarcomas could be delayed. On July 11, 2016 the Company issued a press release revealing that the Phase 3 clinical trial of aldoxorubicin did not show any improvement from other commonly used cancer drugs and that nearly half of the patients in the Phase 3 trial were excluded from the data since the study was disturbed by a partial clinical hold on November 2014. When the true details were disclosed to the public, shares of CytRx fell in value, causing investors harm.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
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SOURCE: Lundin Law PC