A lawsuit was filed on behalf of investors in CytRx Corporation (NASDAQ:CYTR) shares over alleged securities laws violations and NASDAQ:CYTR investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/01/2016 -- An investor, who purchased NASDAQ:CYTR shares, filed a lawsuit in California over alleged violations of Federal Securities Laws by CytRx Corporation in connection with certain allegedly false and misleading statements.
Investors who purchased shares of CytRx Corporation (NASDAQ:CYTR) have certain options and for certain investors are short and strict deadlines running. Deadline: September 23, 2016. NASDAQ:CYTR investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims that between November 18, 2014, and July 11, 2016 Defendants made allegedly false and/or misleading statements and/or failed to disclose: that the clinical hold placed on the Phase 3 trial of aldoxorubicin for STS would prevent sufficient follow-up for patients involved in the study, that, as a result, nearly half of all patients would be censored (excluded) from the progression free survival evaluation, that, in response, CytRx would likely conduct a second analysis, that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed, and 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 Corporation announced the results of its Phase 3 clinical trial of aldoxorubicin, which did not show significant improvement over other commonly used cancer drugs. CytRx Corporation disclosed that nearly half of all patients in the Phase 3 trial were excluded from the data because the study was interrupted by a partial clinical hold in November 2014.
Shares of CytRx Corporation (NASDAQ:CYTR) declined from $2.67 per share on July 11, 2016 to as low as $0.74 per share on July12, 2016.
On July 29, 2016, NASDAQ:CYTR shares closed at $0.65 per share.
Those who purchased shares of CytRx Corporation have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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