The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of those who purchased the securities of CytRx Corporation (“CytRx” or the “Company”) (Nasdaq:CYTR), between November 20, 2013 and March 13, 2014, inclusive (the “Class Period”), including purchasers in the Company’s secondary public offering completed on or about February 5, 2014.
If you purchased the securities of CytRx during the Class Period, you may move the Court for appointment as lead plaintiff by no later than May 14, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
CytRx investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the CytRx Securities Class LitigationThe actions charge CytRx, its Chief Executive Officer, and stock promotion firms the DreamTeamGroup (“The DreamTeam”) and MissionIR with violations of the Securities and Exchange Act of 1934. CytRx, headquartered in Los Angeles, California, is a biopharmaceutical research and development company specializing in oncology. The actions allege that during the Class Period, defendants made misleading statements and failed to disclose that numerous articles issued by The DreamTeam and MissionIR touting CytRx stock were in fact paid stock promotions under the control of CytRx. On February 12, 2014, an article published on TheStreet.com reported that Galena BioPharma, Inc. (“Galena”) had paid The DreamTeam and MissionIR to promote its stock without properly disclosing its paid relationship and that CytRx had also retained DreamTeam. On this news, the price of CytRx stock fell $0.54, or 8.18%, from its closing price of $6.60 per share on February 11, 2014, to close at $6.04 per share on February 12, 2014.
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