An investigation on behalf of current long term investors in NASDAQ:CTIC)shares over possible breaches of fiduciary duty by certain officers and directors was announced and NASDAQ:CTIC stockholders should contact the Shareholders Foundanion.
San Diego, CA -- (SBWIRE) -- 04/05/2016 -- An investigation for shareholders in CTI BioPharma Corp (NASDAQ:CTIC) concerning potential breaches of fiduciary duties by certain CTI BioPharma directors was announced.
Investors who are current long term investors in CTI BioPharma Corp (NASDAQ:CTIC shares, have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The investigation by a law firm for current long term investors in \NASDAQ:CTIC stocks follows a lawsuit filed recently against CTI BioPharma Corp over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:CTIC stocks, concerns whether certain CTI BioPharma directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. the U.S. District Court for the Southern District of New York the plaintiff alleges that the Defendants made certain false and/or misleading statements and/or failed to disclose that the detrimental effect on survival of pacritinib, that the Company's clinical trials demonstrated deaths associated with pacritinib usage, that the Company's new drug application for pacritinib would likely be withdrawn, that, as such, the Company's future revenues were impaired, that the company lacked adequate internal controls, and that, as a result of the foregoing, the Company's financial statements and Defendants' statements about CTI Biopharma's business, operations, and prospects, were materially false and misleading at all relevant times.
On February 8, 2016, CTI BioPharma Corp (NASDAQ:CTIC) announced that the Company received written communication from the U.S. Food and Drug Administration (FDA) on February 4, 2016, that the FDA has placed a partial clinical hold on the clinical studies being conducted under the Company's Investigational New Drug ("IND") application for pacritinib. CTI BioPharma Corp said that this clinical hold impacts part of the clinical work currently being conducted under the IND and will also affect planned clinical trials.
On February 9, 2016 CTI BioPharma Corp (NASDAQ:CTIC) provided an update regarding the clinical studies being conducted under the Company's Investigational New Drug ("IND") application for pacritinib.
CTI BioPharma Corp said that it received an oral communication from the FDA followed by a letter notifying the Company that the Company's IND for pacritinib has been placed on full clinical hold and that it has withdrawn its New Drug Application (NDA) until the Company has had a chance to review the safety and efficacy data from the PERSIST-2 Phase 3 clinical trial and decide next steps.
Shares of CTI BioPharma Corp (NASDAQ:CTIC) declined to as low as $0.25 per share on February 10, 2016.
Those who purchased shares of CTI BioPharma Corp (NASDAQ:CTIC) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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