STEVENSON, Md., July 26, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of CytRx Corporation (NASDAQ: CYTR ) (“CytRx” or the “Company”) securities during the period between November 18, 2014, and July 11, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until September 23, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in CytRx securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the clinical hold placed on the Phase 3 trial of aldoxorubicin for soft tissue sarcoma (“STS”) would prevent sufficient follow-up for patients involved in the study and nearly half of all patients would be excluded from the progression free survival evaluation and, as a consequence, CytRx would likely conduct a second analysis and the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed.
According to the complaint, following a July 11, 2016 press release announcing that as a result of a clinical hold, the analysis from the Phase 3 trial of aldoxorubicin did not provide sufficient follow-up for the nearly two-thirds of the patients who entered the trial after the hold was resolved and enrollment resumed, which resulted in nearly half of all patients being excluded from the progression free survival evaluation and CytRx having to conduct a second analysis, the value of CytRx shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in CytRx securities purchased on or after November 18, 2014 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
