San Diego, CA -- (SBWIRE) -- 08/13/2014 -- An investigation on behalf of investors who purchased shares of CytRx Corporation (NASDAQ:CYTR) on January 31, 2014 over potential securities laws violations was announced

If you purchased shares of CytRx Corporation (NASDAQ:CYTR) on January 31, 2014, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses concerning whether certain statements made in the secondary offering on January 31, 2014 were materially false and misleading.

CytRx Corporation reported that its annual Total Revenue increased from $0.10 million in 2012 to $0.30 million in 2013 while its respective Net Loss increased from $17.96 million to $47.49 million. Shares of CytRx Corporation (NASDAQ:CYTR) grew from $2.10 per share in November 2013 to as high as $8.08 per share on January 10, 2014, respectively $7.98 per share on January 30, 2014.

Then on March 13, 2014 an article was published that alleged CytRx Corporation hired The DreamTeam Group to tout its stock. According to the allegations DreamTeam Group itself then published a variety of articles, many if not all of which misleadingly omitted to disclose that DreamTeam Group was paid by CytRx Corporation to promote it and that several of the articles were also falsely attributed to various third parties. Shares of CytRx Corporation (NASDAQ:CYTR) declined from over $8 per share in January 2014 to as low as $2.92 per share in April 2014.

Those who purchased shares of CytRx Corporation (NASDAQ:CYTR) on January 31, 2014 have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com