The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Central District of California on behalf of investors who purchased CytRx Corporation (NASDAQ: CYTR) securities between November 18, 2014 and July 11, 2016.
According to the complaint, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts including: (1) that the clinical hold placed on the Phase 3 trial of aldoxorubicin for soft tissue sarcomas (“STSs”) would prevent sufficient follow-up for patients involved in the study; (2) that, as a result, nearly half of all patients would be excluded from the data since the study was disturbed by a partial clinical hold; (3) that, in response, CytRx would likely conduct a second analysis; (4) that, as such, the results of the trial could be materially affected and/or approval of aldoxorubicin for STS could be delayed; and (5) that, as a result of the foregoing, Defendants’ statements about CytRx’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you suffered a loss in CytRx you have until September 23, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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