CytRx Corporation (NASDAQ: CYTR) Investor Securities Class Action Lawsuit 07/25/2016

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Company Name(s): 
CytRx
Case Name: 
CytRx Shareholder Class Action Lawsuit 07/25/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: CYTR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/25/2016
Class Period Begin: 
09/12/2014
Class Period End: 
07/11/2016
Deadline To File for Lead: 
09/23/2016
Date Settled: 
06/20/2018
Settlement Amount: 
$5,750,000
Deadline to Participate in Settlement: 
11/16/2018
Summary: 

June 20, 2018 - The court preliminarily approved the settlement.

May 4, 2018 - Parties filed a stipulation of settlement.

August 14, 2017 - The court granted in part and denied in part defendants' motion to dismiss.

July 14, 2017 - Defendants filed a motion to dismiss.

June 29, 2017 - The lead plaintiff filed a second amended consolidated complaint on behalf of investors who purchased CytRx Corporation (NASDAQ: CYTR) common shares between September 12, 2014 and July 11, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 12, 2014 and July 11, 2016.

June 14, 2017 - The court granted defendants' motion to dismiss with leave to amend.

March 14, 2017 - Defendants filed a motion to dismiss.

January 25, 2017 - The lead plaintiff filed a corrected amended consolidated complaint.

January 13, 2017 - The lead plaintiff filed an amended consolidated complaint.

October 26, 2016 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

September 23, 2016 - Lead plaintiff motions were filed.

July 25, 2016 - An investor in shares of CytRx Corporation (NASDAQ: CYTR) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by CytRx Corporation in connection with certain allegedly false and misleading statements made between November 18, 2014, and July 11, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of CytRx Corporation (NASDAQ: CYTR) common shares between November 18, 2014, and July 11, 2016, that the defendants violated Federal Securities Laws. More specifically, 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 Corporation 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 Corporation’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 July 12, 2016.