Posted On: 11/20/2015 1:39:19 PM
Post# of 72446
From the Sullivan motion.
"In this case, proposed lead counsel (the Rosen Law Firm) played a role in the scheme,
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first by announcing an investigation of Cellceutix within two hours of the posting of a
sensational article on August 6, 2015 – which undoubtedly contributed to the collapse of its stock
price – and then – astonishingly in our view – by filing a class action complaint that is based
only on that article by the anonymous short seller, without including any other information that
would show a reasonable inquiry was conducted prior to filing."
"In this case, proposed lead counsel (the Rosen Law Firm) played a role in the scheme,
3
first by announcing an investigation of Cellceutix within two hours of the posting of a
sensational article on August 6, 2015 – which undoubtedly contributed to the collapse of its stock
price – and then – astonishingly in our view – by filing a class action complaint that is based
only on that article by the anonymous short seller, without including any other information that
would show a reasonable inquiry was conducted prior to filing."
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