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Third graph, last sentence has been omitted.
The corrected release reads:
HAGENS BERMAN REMINDS CYTRX INVESTORS OF MAY 13, 2014 LEAD PLAINTIFF DEADLINE AND CONTINUED SECURITIES FRAUD INVESTIGATION
Hagens Berman Sobol Shapiro LLP, reminds investors of the May 13, 2014 deadline to file for lead plaintiff in the securities fraud class action against CytRx Corporation (NASDAQ: CYTR) (“CytRx”). Investors who have suffered financial losses can contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by emailing
CytRx@hbsslaw.com, calling 510-725-3000 or visiting
The securities fraud class-action lawsuit filed against CytRx on March 14, 2014 is on behalf of all persons who purchased or otherwise acquired CytRx stock between Nov. 20, 2013 and March 13, 2014 (the “Class Period”).
The complaint, filed in the California Central District Court, alleges that the defendant violated federal securities laws when it employed DreamTeam to write misleading articles under aliases without disclosing payment for the articles or any affiliation with the company. The complaint alleges that following the dissemination
of CytRx’s alleged false stock-promoting statements, the company’s stock traded at artificially inflated prices during the Class Period, reaching a high of $8.35 per share on Jan. 30, 2014.
On Feb. 12, 2014, a senior columnist at TheStreet.com published an article, titled “Galena Biopharma Pays For Stock-Touting Campaign While Insiders Cash Out Millions,” claiming an affiliated biotechnology company was engaging in a misleading campaign to boost the company’s stock price. Following its publication, CytRx’s alleged stock-touting practices and employment of the same firm – DreamTeam were unveiled. Following this news, CytRx's stock price fell from $6.60 to a close of $6.04, declining in value 8.5 percent and damaging investors, according to the complaint.
On March 13, 2014, an additional published report alleged that CytRx shares quadrupled during a promotion via DreamTeam and that company management edited and approved the paid articles, according to the complaint. Following publication of the article, CytRx stock fell from $4.78 per share to a close of $4.17 per share on March 13, 2014. CytRx’s stock continues to trade below previous figures, closing at $3.69 on March 25, 2014.