$CYTR,,CytRx Corporation (NASDAQ: CYTR) is having
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Posted On: 06/27/2017 5:34:20 PM
$CYTR,,CytRx Corporation (NASDAQ: CYTR) is having an overwhelmingly strong morning in the pre-market hours this morning, and for good reason. A lawsuit the company has been facing has been dismissed by the judge. As a result, investors are excited and they are pushing the value of the stock upward. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:53), CYTR is trading at $0.71 per share after a gain of $0.04 per share or 5.65% thus far today.
CYTR: Case Dismissed!
As mentioned above, CytRx is having a strong start to the trading session this morning after it was announced that a class action case surrounding potential securities fraud that was filed against the company has been dismissed. The case was originally filed back in 2016 after the price of the stock fell in July due to the release of preliminary data from a Phase 3 clinical trial of aldoxorubicin.
The case alleged that CYTR fraudulently concealed the idea that a 2 month clinical hold, which started as the year flipped from 2014 to 2015, created significant risks to the trial's timelines and the company's ability to produce results.
However, Judge S. James Otero of the United States District Court for the Central District of California doesn't agree. In fact, the judge has made the decision to dismiss all claims, stating that the plaintiff mischaracterized some statements made by defendants and failed to demonstrate why other statements were false or misleading. As a result, the plaintiff in this case failed to prove that CYTR acted maliciously or with the intent of defrauding investors.
CYTR: Case Dismissed!
As mentioned above, CytRx is having a strong start to the trading session this morning after it was announced that a class action case surrounding potential securities fraud that was filed against the company has been dismissed. The case was originally filed back in 2016 after the price of the stock fell in July due to the release of preliminary data from a Phase 3 clinical trial of aldoxorubicin.
The case alleged that CYTR fraudulently concealed the idea that a 2 month clinical hold, which started as the year flipped from 2014 to 2015, created significant risks to the trial's timelines and the company's ability to produce results.
However, Judge S. James Otero of the United States District Court for the Central District of California doesn't agree. In fact, the judge has made the decision to dismiss all claims, stating that the plaintiff mischaracterized some statements made by defendants and failed to demonstrate why other statements were false or misleading. As a result, the plaintiff in this case failed to prove that CYTR acted maliciously or with the intent of defrauding investors.
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'Everything works out in the end,,,If it hasn't worked out,,it's not the end'
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