class action
https://securities.stanford.edu/1039/CCYG_01/
Cellcyte Genetics Corporation
Summary: On March 14, 2008, several motions to appoint lead plaintiffs and to approve the selection of counsels were filed. As a result, an order consolidating related actions, to appoint certain individuals as lead plaintiffs and counsels was entered on April, 28, 2008. However, at the same time, certain individuals were denied by the court to be appointed lead plaintiffs by Judge Robert S. Lasnik.
The class-action lawsuit against CellCyte for alleges violations of securities laws. According to the complaint CellCyte executives and business partners misled investors by publishing false information about the history and experience of the company’s chief executive officer.
The lawsuit alleges that company shares were traded at artificially inflated prices due to the company’s activities.
The company’s chief executive officer’s education and professional credentials were called into question after published news reports called out alleged discrepancies relating to his finance degree from the University of Washington, a CPA designation, ties to the Washington Society of Certified Public Accountants and a strong track record within the pharmaceutical industry. Soon after these reports company stock plummeted 55 percent.
INDUSTRY CLASSIFICATION:
SIC Code: 2834
Sector: Healthcare
Industry: Biotechnology & Drugs